The Reserve Bank of India has decided to withdraw two thousand Rupees denomination banknotes from circulation under the “Clean Note Policy”. The 2,000 rupee notes, however, will continue to be legal tender.
RBI has said members of the public may deposit 2,000 rupee banknotes into their bank accounts or exchange them for banknotes of other denominations at any bank branch.
In a statement, released yesterday, the Central bank stated that in order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the exchange of 2000 rupee banknotes into banknotes of other denominations can be made upto a limit of 20,000 rupees at a time at any bank starting from the 23rd of May, 2023.
Additionally, the facility for the exchange of 2,000 rupee bank notes up to the limit of 20,000 rupees at a time will be provided at the 19 Regional Offices of the RBI having issue departments from the 23rd of May.
The RBI has added that to complete the exercise in a time-bound manner and to provide adequate time to the members of the public, all banks shall provide deposit and/or exchange facilities for 2000 rupee banknotes until the 30th of September 30, 2023.