RBI Withdraws ₹ 2,000 Notes from Circulation
The RBI (Reserve Bank of India) will withdraw ₹ 2,000 notes from circulation by September 30, providing individuals with the opportunity to exchange or deposit them in their bank accounts.
Starting from May 23, the RBI's 19 regional offices and other banks will accept ₹ 2,000 notes for exchange with lower denomination currency.
Despite the withdrawal, ₹ 2,000 notes will remain legal tender, ensuring their continued acceptance in transactions.
The introduction of ₹ 2,000 notes took place in November 2016, following the sudden demonetization of ₹ 1,000 and ₹ 500 notes by Prime Minister Narendra Modi.
Individuals have until September 30 to deposit or exchange their ₹ 2,000 notes, with a limit of ₹ 20,000 at a time.
Reliable sources suggest that even after the September 30 deadline, ₹ 2,000 notes will still be considered valid legal tender.
Approximately 89 percent of ₹ 2,000 denomination banknotes were issued before March 2017 and have an estimated lifespan of four to five years.
The total value of ₹ 2,000 notes in circulation has decreased from ₹ 6.73 lakh crore in March 2018 to ₹ 3.62 lakh crore as of March 31, 2023.
The RBI may extend the September 30 deadline if necessary to facilitate the exchange of ₹ 2,000 notes.
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