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₹2,000 Notes To Be Scrapped, Exchange Them By This Date, Will Remain Legal Tender

The Reserve Bank of India's (RBI) 19 regional offices will start taking ₹ 2,000 notes for exchange with lower denomination notes from May 23

₹2,000 Notes To Be Scrapped, Exchange Them By This Date, Will Remain Legal Tender: The central bank has said it will withdraw ₹2,000 notes from circulation and people can exchange or deposit them in their bank accounts by September 30.

₹ 2,000 Notes To Be ScrappedThe Reserve Bank of India’s (RBI) 19 regional offices and other banks will start taking ₹2,000 notes for exchange with lower denomination one from May 23. They will remain legal tender, the RBI said.

The RBI has told all banks to stop issuing ₹2,000 notes immediately.

The RBI started printing the ₹2,000 note in November 2016 after Prime Minister Narendra Modi scrapped high-value ₹1,000 and ₹500 notes overnight

“The objective of introducing ₹2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of ₹ 2000 banknotes was stopped in 2018- 19,” the RBI said in a statement.

“In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2,000 banknotes into banknotes of other denominations can be made up to a limit of ₹20,000 at a time at any bank starting from May 23, 2023,” the RBI said.

“About 89 per cent of the ₹2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated lifespan of four-five years. The total value of these banknotes in circulation declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3 per cent of notes in circulation) to ₹3.62 lakh crore constituting only 10.8 per cent of notes in circulation on March 31, 2023,” the RBI said.

Post a comment The central bank said this note is not commonly used for transactions. The RBI had undertaken a similar withdrawal of notes from circulation in 2013-2014.

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