RBI to Withdraw Rs 2,000 Notes from Circulation, All You Need To Know
The Reserve Bank of India (RBI) on Friday announced that it will withdraw Rs 2,000 notes from circulation. The notes will continue to be legal tender till September 30, 2023, after which they will cease to be legal tender.
The RBI has asked banks to stop issuing Rs 2,000 notes with immediate effect. The central bank has also said that people can deposit or exchange their Rs 2,000 notes in banks or RBI offices till September 30.
The RBI has not specified any limit on the amount of Rs 2,000 notes that can be deposited in banks. However, people can exchange a maximum of Rs 20,000 (10 notes of Rs 2,000) for other currency notes at a time.
The move to withdraw Rs 2,000 notes comes amid concerns that the notes are being used to hoard black money. The RBI had stopped printing Rs 2,000 notes in 2018-19 and the notes were rarely in circulation.
The RBI has said that the withdrawal of Rs 2,000 notes will help to make the currency system more efficient and will also help to curb the use of black money.
What does this mean for you?
If you have Rs 2,000 notes, you can either deposit them in your bank account or exchange them for other currency notes at a bank or RBI office. You can do this till September 30, 2023. After that, the notes will cease to be legal tender and you will not be able to use them.
If you have a large amount of Rs 2,000 notes, you may want to deposit them in your bank account as soon as possible. This will help to avoid any inconvenience or delays if you need to use the notes after September 30.
You can also exchange your Rs 2,000 notes for other currency notes at a bank or RBI office. However, you can only exchange a maximum of Rs 20,000 (10 notes of Rs 2,000) at a time.
The RBI has said that the withdrawal of Rs 2,000 notes will help to make the currency system more efficient and will also help to curb the use of black money.
FAQs
Rs 2,000 notes will be withdrawn from circulation on September 30, 2023.
Rs 2,000 notes will cease to be legal tender after September 30, 2023. This means that they will not be accepted as a form of payment.
You can either deposit your Rs 2,000 notes in your bank account or exchange them for other currency notes at a bank or RBI office. You can do this till September 30, 2023.
You can only exchange a maximum of Rs 20,000 (10 notes of Rs 2,000) at a time.
If you have more than Rs 20,000 worth of Rs 2,000 notes, you will need to deposit them in your bank account. You can then withdraw the money from your bank account in smaller amounts.
If you have lost your Rs 2,000 notes, you can apply for a duplicate note from the RBI. You will need to provide proof of your identity and address.
The RBI has said that the withdrawal of Rs 2,000 notes is being done to make the currency system more efficient and to curb the use of black money.
