In a big decision, Reserve Bank Of India today (19-May-2023) announced to withdraw the Rs 2,000 denomination banknotes. This latest decision on the Rs 2,000 currency note doesn’t mean that it will stop the notes validation.
As per the RBI’s statement, the Rs 2,000 notes will continue to be legal tender and you (the currency holder) needs to exchange them on or before 30th September, 2023. Banks will stop issuing the Rs 2000 notes with immediate effect and they will provide deposit and/or exchange facility.
The ₹2000 denomination banknote was introduced way back in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of all ₹500 and ₹1000 banknotes in circulation at that time (de-monetization). However, the printing of ₹2000 banknotes was stopped in 2018-19.
Rs 2000 Bank Notes Circulation Ban By RBI
- The currency holders may deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations.
- Where to exchange Rs 2000 bank notes? – They can be exchanged at all banks and RBI regional centres.
- What is the Exchange limit? – In order to regular operational activities of bank branches, exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000/- at a time at any bank in india.
- What is the last date to exchange Rs 2000 bank notes? – As of now, the last date to exchange the Rs 2000 bank notes is 30th September, 2023.
- Are Rs 2000 Demonetised? – No, the Rs 2,000 notes are not demonetized. That means, they can still be used for transactions of all types till the 30th September, 2023. They continue to be legal tender. (Demonetization means, the withdrawal of a coin, note, or precious metal from use as legal tender.)
As of now, there is no clarity if banks are going to ask for the Aadhaar and/or PAN to exchange the Rs 2000 currency notes.