Big Breaking: RBI To Withdraw Rs 2,000 Currency Notes From Circulation, To Be Legal Tender Till September 30

The exchange of Rs 2000 banknotes for banknotes of other denominations can be done up to a limit of Rs 20,000 at a time, starting from May 23, 2023.

The Reserve Bank of India (RBI) has advised banks to stop issuing Rs 2000 denomination banknotes.

The introduction of the Rs 2000 banknote in 2016 was to fulfill the urgent currency requirement after the withdrawal of Rs 500 and Rs 1000 banknotes.

The printing of Rs 2000 banknotes was stopped in 2018-19 once an adequate quantity of other denominations became available.

The withdrawal of Rs 2000 banknotes is part of the RBI’s “Clean Note Policy.”

Deposits of Rs 2000 banknotes can be made into bank accounts without restrictions, and exchanges for other denominations can be done at bank branches up to a limit of Rs 20,000 at a time starting from May 23, 2023.

Banks are instructed to provide deposit and/or exchange facilities for Rs 2000 banknotes until September 30, 2023.
The Reserve Bank of India (RBI) has instructed banks to discontinue the issuance of Rs 2000 denomination banknotes immediately, although the existing Rs 2000 banknotes will remain legal tender.

According to the RBI, the introduction of the Rs 2000 banknote in November 2016 was intended to meet the urgent currency requirement of the economy after the withdrawal of legal tender status for Rs 500 and Rs 1000 banknotes. Once an adequate quantity of banknotes in other denominations became available, the objective of introducing Rs 2000 banknotes was fulfilled, leading to the discontinuation of their printing in 2018-19.

In line with the Reserve Bank of India’s “Clean Note Policy,” the decision has been made to withdraw the circulation of Rs 2000 banknotes while still retaining their legal tender status.

Approximately 89% of the Rs 2000 banknotes were issued before March 2017 and have now reached their estimated lifespan of 4-5 years. The total value of these banknotes in circulation has significantly decreased from its peak of Rs 6.73 lakh crore on March 31, 2018 (37.3% of Notes in Circulation) to Rs 3.62 lakh crore, accounting for only 10.8% of Notes in Circulation as of March 31, 2023. Furthermore, it has been observed that this denomination is not commonly used for transactions. Adequate stock of banknotes in other denominations is available to meet the public’s currency requirements.

It is worth noting that the RBI had previously undertaken a similar withdrawal of notes from circulation in 2013-2014.

In light of these developments, members of the public can deposit their Rs 2000 banknotes into their bank accounts or exchange them for banknotes of other denominations at any bank branch. Deposits can be made without any restrictions, following existing instructions and statutory provisions.

To ensure operational convenience and minimize disruptions to regular banking activities, the exchange of Rs 2000 banknotes for banknotes of other denominations can be done up to a limit of Rs 20,000 at a time, starting from May 23, 2023.

In order to facilitate a smooth transition and provide sufficient time to the public, all banks are instructed to offer deposit and/or exchange facilities for Rs 2000 banknotes until September 30, 2023. Detailed guidelines have been issued to the banks to ensure compliance with the withdrawal process.

 

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