New Delhi: The Reserve Bank of India (RBI) on Friday said that it will withdraw Rs 2,000 notes from circulation, however, this will continue to remain legal tender. Issuing a circular to banks & guidelines for public, the RBI also asked people to get their notes of Rs 2,000 denomination deposited or exchanged at any nearest bank branch or any of its 19 regional offices. People can exchange their Rs 2,000 notes at any bank branch and at RBI’s regional offices with lower denomination notes from May 23 and the last date for the same is September 30. These Rs 2,000 notes will continue to remain legal tender, it said. Notably, the printing of Rs 2,000 notes began in November 2016 after Prime Minister Narendra Modi scrapped it via 8 PM announcement. Guidelines for depositing/exchanging Rs 2,000 bank notes The RBI circular says that people may deposit Rs 2000 banknotes into their bank accounts or exchange them with banknotes of lower denominations at any bank branch. # People can start exchanging or depositing Rs 2,000 notes, starting from May 23, 2023. A limit of Rs 20,000/- has been set to avoid disruption of regular activities of bank branches. # September 30 is the deadline for depositing or exchanging Rs 2,000 banknotes. Banks have also been issued instructions by the central bank in this regard. # All banks have been instructed to stop issuing ₹2000 denomination banknotes with immediate effect. “Members of the public are encouraged to utilise the time up to September 30, 2023 to deposit and/or exchange the ₹2000 banknotes,” the RBI said in its circular.
