The Reserve Bank of India (RBI) has declared the withdrawal of Rs 2,000 currency notes from circulation. The existing notes can be either deposited in bank accounts or exchanged until September 30. It’s important to note that the Rs 2,000 denomination banknotes will still be considered legal tender.
To ensure smooth operations and prevent disruptions in bank branches, the RBI has specified that the exchange of Rs 2,000 banknotes for notes of other denominations can be conducted at any bank. However, there is a limit of Rs 20,000 per transaction, starting from May 23, 2023.
The RBI has also instructed banks to halt the issuance of Rs 2,000 denomination banknotes immediately. Furthermore, the 19 Regional Offices (ROs) of the RBI, which have issue departments, will offer the facility to exchange Rs 2,000 banknotes up to the limit of Rs 20,000 per transaction starting from May 23.
The introduction of the Rs 2,000 denomination banknote took place in November 2016 as an expedient measure to meet the currency demands of the economy after the demonetisation of all Rs 500 and Rs 1,000 banknotes that were in circulation at the time. (With inputs from PTI)
BNSS caps custody at 24 hours and requires production before a Magistrate; force permitted only…
An SEM court reserved its order on extending the judicial custody of CJP leaders Saurav…
Delhi recorded its first 'poor' air day of the season on Wednesday as AQI hit…
Stage I of GRAP was invoked later this year in Delhi due to govt's preventive…
DDA plans to resume tethered hot air balloon rides at Baanseera park from Nov 14,…
NDMC is consulting RWAs and traders on draft 2026 property tax bye-laws, seeking feedback on…
