The Reserve Bank of India (RBI) has announced that it will withdraw the ₹ 2,000 currency notes from circulation immediately. However, the notes will continue to be legal tender till September 30, 2023.
Thank you for reading this post, don't forget to subscribe!Why is RBI withdrawing the ₹ 2,000 notes?
The RBI has not given any official reason for withdrawing the ₹ 2,000 notes. However, some experts have speculated that it could be a move to curb black money, counterfeiting, and hoarding of high-value notes. The ₹ 2,000 note was introduced in November 2016 after the demonetization of ₹ 500 and ₹ 1,000 notes.
₹2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tenderhttps://t.co/2jjqSeDkSk
— ReserveBankOfIndia (@RBI) May 19, 2023
How can you exchange your ₹ 2,000 notes?
The RBI has asked banks to provide deposit and/or exchange facilities for ₹ 2,000 notes until September 30, 2023. You can deposit your ₹ 2,000 notes in your bank account or exchange them for lower denomination notes at any bank branch. The RBI has also said that an exchange facility for ₹ 2,000 notes up to ₹ 20,000 at a time would be available from May 23, 2023.
What will happen to the ₹ 2,000 notes after September 30?
The RBI has not specified what will happen to the ₹ 2,000 notes after September 30. However, it is likely that they will cease to be legal tender and will not be accepted for any transactions. The RBI may also announce a deadline for depositing or exchanging the ₹ 2,000 notes after September 30.