New Delhi: The Reserve Bank of India (RBI) has decided to withdraw the Rs 2,000 denomination banknotes from circulation. The central bank has however reiterated that the banknotes in Rs 2000 denomination will continue to be legal tender.
RBI has said that ” Accordingly, members of the public may deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch. 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.”
In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2,000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.
RBI has added that the facility for exchange of Rs 2,000 banknotes upto the limit of Rs 20,000 at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments1 from May 23, 2023.
The Reserve Bank has said that people can exchange Rs 2,000 banknotes till September 30, 2023.
“To complete the exercise in a time-bound manner and to provide adequate time to the members of public, all banks shall provide deposit and/or exchange facility for ₹2000 banknotes until September 30, 2023,” the central bank said in its circular.