How to exchange Rs.2,000 banknotes between 23rd May to 30th September 2023? Whether the existing Rs.2,000 currency notes are legal tender or not? What is the deadline to exchange?
In a surprising move, RBI today (19th May 2023) announced that it is withdrawing Rs 2,000 Bank notes from circulation.
The Rs.2,000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934 primarily with the objective to meet the currency requirement of the economy in an expeditious manner after withdrawal of the legal tender status of all ?500 and ?1000 banknotes in circulation at that time. With fulfilment of that objective and the availability of banknotes in other denominations in adequate quantities, printing of Rs.2,000 banknotes was stopped in 2018-19. A majority of the Rs.2,000 denomination notes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. It has also been observed that this denomination is not…