RBI removes the 2000 note from circulation

The 2000 rupee banknotes will no longer be in circulation, but they will still be accepted as legal money. This decision was made by the Reserve Bank of India. It has instructed banks to immediately stop issuing banknotes with a value of 2000. 

“ ₹2000 currency note will remain legal tender after 30th September too. RBI expects that 4 month time is enough for people to exchange notes with the banks. Most of the ₹2000 notes that are in circulation will return to banks within the given time frame of 30th September. This is a routine exercise of RBI and people need not panic,” news agency ANI quoted citing sources.

Starting on May 23, 2023, any bank will allow the exchange of 2000 rupee notes into notes of other denominations up to a limit of 20,000 rupees at a time in order to maintain operational convenience and prevent disrupting the routine operations of bank branches.