RBI to withdraw Rs 2,000 notes from circulation

The Reserve Bank of India (RBI) has announced the withdrawal of Rs 2,000 denomination banknotes from circulation.

The Rs 2,000 notes will continue to be legal tender, meaning they can still be used for transactions.

People are advised to deposit or exchange their Rs 2,000 banknotes at any bank branch.

Starting from May 23, an exchange facility for Rs 2,000 banknotes up to Rs 20,000 at a time will be available.

Banks have been instructed to provide deposit and exchange facilities for Rs 2,000 notes until September 30, 2023.

The RBI's Regional Offices (ROs) with Issue Departments will also serve as exchange points until September.

Deposits into bank accounts can be made without restrictions, following existing instructions and statutory provisions.

Banks are directed to stop issuing Rs 2,000 denomination banknotes immediately.

Although the Rs 2,000 notes will be gradually phased out, they will remain legal tender even after the withdrawal date.

The public can continue using and accepting Rs 2,000 banknotes for transactions.


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