Ban on 2000 Rupees Bank Notes: RBI withdraws Rs.2000 note from circulation, How and till when will it be able to change?:

Ban on 2000 Rupees Bank Notes: RBI withdraws Rs.2000 note from circulation, How and till when will it be able to change? The RBI introduced Rs.2000 denomination banknote in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs.500 and Rs.1000 banknotes in circulation at that time. The objective of introducing Rs.2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of Rs.2000 banknotes was stopped in 2018-19. Approximately 89% of Rs.2000 banknotes were issued before to March 2017 and have reached the end of their anticipated life-span of 4-5 years. The total value of these banknotes in circulation has decreased from Rs.6.73 lakh crore on March 31, 2018 (37.3% of Notes in Circulation) to Rs.3.62 lakh crore on March 31, 2023 (only 10.8% of Notes in Circulation). It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public. In light of the foregoing, and in accordance with the Reserve Bank of India's "Clean Note Policy," it has been decided to withdraw the Rs.2000 denomination banknotes from circulation. The banknotes in Rs.2000 denomination will continue to be legal tender. It should be recalled that the RBI did a similar removal of notes from circulation in 2013-2014. Members of the public may, therefore, deposit Rs.2000 banknotes into their bank accounts and/or swap them for banknotes of other denominations at any bank branch. Deposits into bank accounts can be made in the ordinary way, that is, without limits and in accordance with existing instructions and other applicable legislative regulations. Starting May 23, 2023, exchange of Rs.2000 banknotes into banknotes of other denominations can be done at any bank up to a maximum of Rs.20,000/- at a time to guarantee operational ease and minimise interruption of routine activities of bank branches. To complete the task on schedule and provide the public enough time, all banks must provide deposit and/or exchange facilities for Rs.2000 banknotes till September 30, 2023. Banks have been given separate guidelines. From May 23, 2023, the RBI's 19 Regional Offices (ROs) with Issue Departments will also give the ability for exchanging Rs.2000 banknotes up to a maximum of Rs.20,000/- at a time. The Reserve Bank of India has directed banks to cease printing Rs.2000 banknotes immediately. The general public is invited to deposit and/or exchange the Rs.2000 banknotes till September 30, 2023. For the public's knowledge and convenience, the RBI website includes a paper with frequently asked questions (FAQs) on the subject.