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RBI Withdraws 2000 Rupee Notes From Circulation — Will Be a Legal Tender till Sept 30

RBI Withdraws 2000 Rupee Notes From Circulation — Will Be a Legal Tender till Sept 30

RBI has announced that the ₹2,000 banknotes will cease to be legal tender after September 30, 2023. Find out more about the withdrawal of these banknotes and the available deposit and exchange options provided by banks.

May 19, 2023
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The Reserve Bank of India (RBI) has decided to remove the ₹2000 currency note from circulation, effective immediately.

In its statement, the RBI clarified that individuals are allowed to deposit their ₹2000 banknotes into their bank accounts or exchange them for banknotes of different denominations at any bank branch.

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The exchange of ₹2000 banknotes for other denominations is limited to ₹20,000 at a time. This exchange service will be available at all banks starting from May 23, 2023.

The RBI has instructed banks to continue offering deposit and/or exchange services for ₹2,000 notes until September 30, 2023. This directive ensures that individuals can still deposit or exchange their ₹2,000 banknotes at bank branches during this period.

Starting from September 30, 2023, the ₹2,000 banknotes will no longer be considered valid legal tender. After this date, these banknotes will not be accepted for transactions or as a form of payment.

Introduced in November 2016 under Section 24(1) of the RBI Act, 1934, the ₹2000 banknote was intended to quickly address the currency demand after the withdrawal of the ₹500 and ₹1000 banknotes from circulation. According to a statement by the RBI, the purpose of introducing the ₹2000 banknotes has been fulfilled as an ample supply of banknotes in other denominations is now available.

Tags: 2000 rupee noteslegal tenderrbi

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