RBI to withdraw Rs 2000 currency note from circulation but it will continue to be legal tender, Reserve Bank of India has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect though banknotes in Rs 2000 denomination.
₹2,000 notes will continue to be legal tender; notes up to ₹20,000 at a time can be exchanged between May 23 and September 30.
The Reserve Bank of India (RBI), on May 19, decided to withdraw ₹2,000 note from circulation.
However, the banknotes in ₹2,000 denomination will continue to be a legal tender.
The RBI added that 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.
Exchange facility for the ₹2,000 notes up to ₹20,000 at a time would be available from May 23, 2023, and will continue till September 30, the central bank said.
The RBI has advised banks to stop issuing ₹2000 denomination banknotes with immediate effect.