New Delhi: The central bank has said it will withdraw ₹ 2,000 notes from circulation and people can exchange them by September 30. 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. They will remain legal tender, the RBI said.
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.
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