RBI to withdraw Rs 2,000 notes from circulation

The Reserve Bank of India has decided to withdraw 2,000 denomination banknotes from circulation on May 19, 2023 and asked everyone to replace them by September 30, 2023. However, Rs 2,000 notes will continue to be legal tender.
The central bank said: “In pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw ₹2000 denomination bank notes from circulation. ₹2000 denomination bank notes will continue to be legal tender.
The facility to exchange Rs 2,000 notes up to Rs 20,000 in one go at 19 regional offices of RBI and at other banks will be available from May 23, an RBI statement said.
The Rs 2,000 denomination bank note was introduced in November 2016, 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 1,000 bank notes in circulation at that time.
The RBI said it has also been observed that Rs 2,000 denomination note is not commonly used for transactions. Further, the stock of bank notes in other denominations continues to be adequate to meet the currency requirement of the public, it added.