The Reserve Bank of India (RBI) has instructed all the banks on May 19, 2023 to stop issuance of Rs 2000 denomination banknotes with immediate effect. However, these banknotes will continue to be accepted as legal tender.
In pursuance of the ‘Clean Note Policy’ of the Reserve Bank of India, it has been decided to withdraw the Rs 2000 denomination banknotes from circulation. The banknotes in Rs 2000 denomination will continue to be legal tender.
It is important from the perspective of members of public to find out when can they start exchanging Rs 2000 notes and what is the last day to exchange the currency notes?
In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said exchange of Rs 2,000 bank notes into bank notes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.
According to RBI’s press release, “to give time to the banks for preparatory arrangements, members of the public have been requested to approach the banks/branches from May 23, 2023 for availing exchange facility. Deposit of Rs 2000 banknotes may continue as per the normal banking practice.”
The central bank has urged banks to offer deposit and/or exchange facility for Rs 2,000 currency notes until September 30, 2023.
According to RBI’s official press release, “The facility for deposit and/or exchange of Rs 2000 banknotes shall be available for members of the public up to September 30, 2023.”
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Story first published: Friday, May 19, 2023, 20:48 [IST]