Breaking News! RBI has decided to withdraw ₹2000 note from circulation. RBI has asked all to deposit the Rs 2,000 banknotes into their accounts or exchange them for banknotes of other denominations at any bank branch by September 30, 2023. You can deposit maximum 10 notes at a time! But why RBI has done this? Let’s read and try to find it out

Why ₹2000 notes being withdrawn?

The ₹2000 denomination banknote was introduced in November 2016. When ₹500 & ₹1000 notes were withdrawn. But in 2019 only printing of ₹2000 notes was stopped! May be it was a sign that government may ban ₹2000 notes in future.

A majority of the ₹2000 denomination notes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years.

Can ₹2000 banknotes be used for normal transactions?

Yes, public can continue to use ₹2000 banknotes for their transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.

What do with these ₹2000 notes then?

People should approach bank branches for deposits or exchange of ₹2000 banknotes held by them.

The facility for deposit into accounts and exchange for ₹2000 banknotes will be available at all banks until September 30, 2023. The facility for exchange will be available also at the 19 Regional Offices (ROs) of RBI having Issue Departments1 until September 30, 2023.

Rule on the deposition/exchange of ₹2000 banknotes

The rule about the deposition and exchange of ₹2000 banknotes is that we can deposit/exchange maximum 10 banknotes at a time! Which is ₹20,000 at a single time.

When we can exchange these notes?

To give time to the banks to make preparatory arrangements, people are requested to approach bank from 23rd of May, all the banks are availing this facility to exchange your ₹2000 banknotes.

A non account holder can too exchange ₹2000 banknotes from any bank. And there is no fee charged on exchange of banknotes.

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