The Reserve Bank of India (RBI), on Friday, announced the withdrawal of Rs 2,000 currency notes from circulation.
The existing notes in circulation could either be deposited in bank accounts or exchanged by September 30, the RBI said in a statement.
Here’s everything you may need to know-
- Rs 2,000 currency notes to continue to be legal tender till September 30.
- Rs 2,000 notes with public can be deposited in bank accounts or exchanged at banks and RBI's 19 Regional Offices
- Deposits of Rs 2,000 notes into bank accounts can be made without restrictions subject to compliance with extant Know Your - Customer (KYC) norms and other requirements
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- Public can exchange Rs 2,000 notes up to to a limit of Rs 20,000 at a time beginning May 23
- Exchange of Rs 2,000 notes can be done via banking corespondents for up to Rs 4,000 per day for an account holder
- Rs 2,000 note was introduced after demonetisation in November 2016
- Unlike 2016 demonetisation, Rs 2,000 notes will continue to be a legal tender till September 30
- The withdrawal follows Rs 2,000 notes being reportedly used for hoarding black money and money laundering
- RBI had stopped printing of fresh Rs 2,000 notes since 2018-19
- About 89 per cent of the Rs 2,000 notes were issued prior to March 2017
- The total value of these bank notes in circulation declined from Rs 6.73 trillion at its peak as on March 31, 2018 (37.3 per cent of notes in circulation) to Rs 3.62 trillion (10.8 per cent of notes in circulation) as on March 31, 2023.
(With inputs from PTI)