RBI withdraws Rs 2000 note LIVE UPDATES: Exchange facility available in bank till September 30

By Shahnaz On May 19, 2023

Image Source: PTI/Representative (File). Reserve Bank withdraws Rs 2000 note from circulation, to remain legal tender; The exchange facility is available till September 30.

RBI withdraws Rs 2000 note Live Update: The Reserve Bank of India has decided to withdraw the Rs 2,000 notes from circulation but they will continue to be legal tender. It has advised banks to stop issuing Rs 2,000 notes with immediate effect. Meanwhile, the RBI said that citizens will be able to deposit Rs 2000 banknotes in their bank accounts at any bank branch and/or exchange them for other denominations till September 30, 2023. The Rs 2000 bank note was introduced in November. 2016, primarily to meet the monetary needs of a fast-paced economy after withdrawing the legal tender status of all 500 and 1000 rupee banknotes in circulation at that time. The purpose of introducing Rs 2000 bank notes was once fulfilled in other bank notes. Sects became available in considerable quantities. Hence, the printing of Rs 2000 banknotes was subsequently stopped in 2018-19, RBI said. About 89 per cent of the Rs 2000 banknotes were issued before March 2017 and are at the end of their expected lifespan of four-five years. .