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₹2000 currency note to be withdrawn
May 22, 2023
The Reserve Bank of India has decided to withdraw the ₹2,000 denomination banknotes from circulation. However, the central bank has said that the currency notes will continue to be legal tender till September 30. RBI has asked banks to provide deposit and/or exchange facility for ₹2,000 notes until September 30, 2023.
The central bank has also asked banks to stop issuing ₹2,000 notes with immediate effect. This change has been brought about in pursuance with RBI’s “Clean Note Policy”, RBI said in its communique.
Members of the public will be allowed to deposit ₹2,000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch.
However, RBI added that exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000 at a time at any bank starting from May 23, 2023.
Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions, the central bank added.
The facility to exchange ₹2,000 banknotes upto the limit of ₹20,000 at a time will also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023.
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