The RBI made a big announcement saying Rs. 2000 denomination banknotes will not be in circulation anymore on Friday, 19 May. The RBI took the decision to withdraw Rs. 2000 denomination notes and ordered banks to stop issuing 2000 denomination notes. But this note will continue to have its legal tender value and the public can use and receive Rs. 2000 banknotes until 30th September.
The government introduced the Rs. 2000 banknotes in 2016 after putting a ban on Rs. 500 and Rs. 1000 notes. After a certain period of time, the RBI stopped printing Rs. 2000 banknotes. It’s been 3 years now, the RBI has not printed a single note of Rs. 2000. Following this, circulation of these banknotes also declined to Rs. 3.62 lakh crore from Rs. 6.73 lakh crore. Due to this and the ‘Clean Note Policy’ (good quality banknote availability) of RBI, this decision has been taken. The public has a time limit till 30th September to exchange or deposit these banknotes in the bank. All banks will have a special counter for this purpose. A person can exchange or deposit Rs. 2000 banknotes to a limit of Rs. 20,000 at a time. Though a decision has been taken today, there is no need to make a hurry in this work as for smooth operation, RBI has given enough time.
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