India's Central Bank Withdraws Rs 2000 Notes From Circulation

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Exchange Until September 2023

The central bank will allow exchange of the ₹2000 banknotes up to September 30, 2023. In view of the public convenience, the RBI also placed a limit of ₹20,000 for single exchange. Fresh issuance of the bank notes will be discontinued with immediate effect, the central bank said in a circular.

“With a view to minimize inconvenience to the public, to ensure operational convenience and avoid disruption of the regular activities of bank branches, all banks may exchange ₹2000 banknotes upto a limit of ₹20,000/- at a time.”

The actual objective for the launch of Rs 2,000 notes was to meet the immediate currency requirement of the economy after withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation in November 2016. Therefore, now that the purpose if fulfilled, the highest denomination notes will be withdrawn.

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