THE RESERVE Bank Of India on Friday asked banks to stop issuing Rs 2,000 notes that were introduced in November 2016 to 'meet the currency requirement of the economy'.
"The objective of introducing Rs 2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of Rs 2,000 banknotes was stopped in 2018-19, " said the official statement.
As the currency has been withdrawn by the central bank, it may be noted that you can follow these simple steps and easily exchange your Rs 2,000 notes, as it was done during the time of demonetisation.
HOW TO EXCHANGE Rs 2,000 Currency Notes?
- You need to deposit Rs 2,000 banknotes into your bank accounts and/or exchange them into banknotes of other denominations at any bank branch.
Rs 2000 currency note will remain legal tender after 30th September too. RBI expects that 4 month time is enough for people to exchange notes with the banks. Most of the Rs 2000 notes that are in circulation will return to banks within the given time frame of 30th September. This… pic.twitter.com/zdQUDVhOKS
— ANI (@ANI) May 19, 2023
- Deposit can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions.
ALSO READ RBI Withdraws Rs 2,000 Notes, To Remain Legal Tender; Exchange Facility Available Till September 30
-You can start exchanging your banknotes from May 23, 2023. Exchange of Rs 2,000 banknotes into banknotes of other denominations can be made up to Rs 20,000. The decision has been taken keeping in view that the withdrawal of currency and exchanging of notes not cause any disruption or operational inconvenience.
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What Is The Last Date To Exchange Rs 2,000 Notes?
The facility for the exchange of Rs 2,000 banknotes up to the limit of Rs 20,000 at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments' from May 23, 2023.
When Did RBI Introduce Rs 2,000 Notes?
On November 8, 2016, under Section 24 (1) of RBI Act, 1934, primarily to meet currency requirements of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs 500 and Rs 1,000 banknotes in circulation at that time.
The main objective of issuing Rs 2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of Rs 2,000 banknotes was stopped in 2018-19.