RBI to withdraw Rs 2,000 notes from circulation

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

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

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

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

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

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

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

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

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

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

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