The Reserve Bank of India (RBI) on Monday issued a statement saying that the facility of exchange of Rs 2000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier.
The exchange of the Rs 2000 currency notes into banknotes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting on Tuesday (May 23).
The facility of exchange of Rs 2000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier: Reserve Bank of India (RBI)
Exchange of the Rs 2000 banknotes into banknotes of other denominations can be made upto a… pic.twitter.com/HpbqEpiwie
— ANI (@ANI) May 22, 2023
The central bank on Friday advised all banks to stop issuing Rs 2000 denomination banknotes with immediate effect. However, the banknotes in Rs 2000 denomination will continue to be legal tender.
In a statement, the RBI on Friday said, “The Rs 2000 denomination banknote was introduced 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 legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of Rs 2000 banknotes was stopped in 2018-19. 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.”
