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.
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.
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