New Delhi: The Reserve Bank of India (RBI) on Friday announced that it is going to withdraw Rs 2,000 denomination bank notes from circulation soon, however the central bank has said that the currency notes will continue to remain legal tender till September 30.
How To Change Rs 2,000 Notes: Know The Entire Process And Deadline
RBI has asked the banks to stop the circulation of Rs 2,000 denomination notes with immediate effect, although people who are in the possession of the currency notes can visit their bank branch to exchange the notes.
The Central bank has said that people who have Rs 2000 banknotes in their possession can deposit them into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch up to September 30, 2023. The window to exchange Rs 2000 banknotes would start from 23rd May and the last date to do so is 30th September.
Process To Exchange Rs 2,000 Banknotes: How Much Money Can Be Exchanged At A Time
You can change 10 banknotes of Rs 2000 denomination at a time. This means, you can exchange Rs 20,000 at a time.
The introduction of the Rs 2000 denomination banknote in November 2016 served largely to quickly address the economy’s need for money following the loss of the legal tender status of all Rs 500 and Rs 1000 banknotes in use at the time.After sufficient supplies of notes in other denominations became available, the goal of launching Rs 2000 banknotes was achieved. As a result, according to the RBI, printing of Rs 2000 banknotes was discontinued in 2018–19.