Rs 2000 note withdrawn from circulation by RBI; Check last date to exchange

The Reserve Bank of India (RBI) has decided to take back the Rs 2000 denomination banknotes, which was introduced in November 2016, after the withdrawal of legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. However, the banknote will remain legal tender and common people will be given ample time to exchange it at their nearest bank branches. The process of exchanging the note will start from May 23, this year and will complete on September 30, 2023. Apart from this, it has been decided that the exchange limit of Rs 2000 notes will be Rs 20,000 at a time. 

According to the RBI official, the common people may deposit 2000 banknotes into their bank accounts or exchange them into banknotes of other denominations at any bank branch. Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to applicable statutory provisions.

Exchange till September 30

As per the directions given by the RBI, in order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of 2000 banknotes into banknotes of other denominations have been made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023. Further to complete the exercise in a time-bound manner the RBI has instructed that all banks shall provide deposit or exchange facility for Rs 2000 banknotes until September 30, 2023. 

According to an official from the RBI, the Rs 2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. 

RBI withdraws Rs 2000 note from circulation, to remain legal tender; exchange facility available till Sept 30

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Objective fulfilled: RBI
The RBI said that the objective to introduce the Rs 2000 currency note was to meet the currencies requirement after the sudden withdrawal of legal tender status of all Rs 500 and Rs 1000 banknotes. However, after over six years of time period, the RBI has decided to take back the Rs 2000 denomination bank notes, as the objective of introducing it was fulfilled. Banknotes of other denominations are now available in adequate quantities and there is no problem scarcity of banknotes in the market.