Currency Notes of 2000/_ denomination To Be Withdrawn

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Mumbai Bureau | Financial Correspondent

The Reserve Bank of India (RBI) on Friday announced its decision to discontinue the circulation of ₹2,000 denomination notes. They will, however, continue to be legal tender. Those in possession of these notes can deposit them in their bank accounts or get them exchanged from May 23 to September 30, 2023.

The press statement of the apex bank read: “In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023. The facility for exchange of ₹2,000 banknotes up to the limit of ₹20,000/- at a time shall also be provided at the 19 Regional Offices of RBI having Issue Departments from May 23.

The RBI has advised all the banks to stop issuing ₹2,000 currency banknotes with immediate effect. About 89% of the ₹2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years.

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