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India: RBI to withdraw Rs2,000 banknotes from circulation
Banks have been advised to stop issuing these banknotes with immediate effect
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The Reserve Bank of India has advised banks to stop issuing Rs2,000 denomination banknotes with immediate effect though banknotes in Rs2,000 denomination will continue to be legal tender.
RBI also said that exchange of Rs2,000 banknotes into other denominations can be made (upto a limit of Rs 20,000 at a time) at any bank starting from May 23, 2023.
It added that all banks shall provide a deposit and/or an exchange facility for Rs2,000 banknotes until September 30, 2023.
The central bank believes that four-month time is enough for people to exchange these notes at banks. Most of the Rs 2,000 notes that are in circulation are expected to return to banks within the given time frame.
This is a routine exercise of RBI and people need not panic, the source added.
"Rs2,000 currency note will remain legal tender after September 30 too. RBI expects that 4-month time is enough for people to exchange notes with the banks. Most of the Rs2,000 notes that are in circulation will return to banks within the given time frame of September 30," the source told ANI.
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