Read more: RBI: Exchange Rs 2,000 notes at banks by Sept 30
The Reserve Bank of India (RBI) has announced the withdrawal of Rs 2,000 notes from circulation and has instructed citizens to exchange them at banks by September 30.
The RBI has withdrawn Rs 2,000 currency notes from circulation.
The Reserve Bank of India (RBI) has made an announcement regarding the withdrawal of Rs 2,000 notes from circulation. In accordance with this decision, all citizens are requested to exchange these notes at banks before September 30.
To ensure convenience and minimize disruption, banks have been directed to provide deposit or exchange facilities for Rs 2,000 banknotes until the given deadline. Starting from May 23, individuals will also be able to exchange Rs 2,000 notes for other denominations, up to a limit of Rs 20,000 at a time, at any bank branch. The RBI has issued separate guidelines to facilitate the exchange process for banks.
RBI has issued a circular stating that the Rs 2,000 denomination banknotes will be withdrawn from circulation as part of the Clean Note Policy. However, these banknotes will still remain legal tender. To ensure a smooth transition and allow sufficient time for the public, all banks have been instructed to offer deposit and/or exchange services for Rs 2,000 banknotes until September 30, 2023. The RBI aims to complete this exercise within a specified timeframe.
The Reserve Bank of India (RBI) has informed that starting from May 23, the facility to exchange Rs 2,000 notes up to the limit of Rs 20,000 at a time will be available at 10 Regional Offices of the RBI with Issue Departments. In addition, banks have received guidance to discontinue the issuance of Rs 2,000 denomination notes immediately. These measures are part of the RBI’s efforts to manage the withdrawal of Rs 2,000 notes from circulation effectively.