Withdrawal from Circulation of ? 2000 Denomination Bank Notes

?RBI has decided to withdraw ? 2000 denomination bank notes from circulation as per Press Release dated 19 May 2023. Here's a gist of all the important points related to withdrawal:

• The most important point "The ? 2000 notes will continue to be legal tender". So, there's no need to panic.
• Public may deposit ? 2000 notes into their bank accounts subject to extant instructions and statutory provisions.
• Notes can also be exchanged at Bank Branches/RBI Regional Offices starting from 23 May 2023.
• The facility for exchange will be capped upto a limit of ? 20000 at any time at any bank branch.
• All banks will provide deposit and/or exchange facility until 30 September 2023.
• Banks have been advised to stop issuing ? 2000 denomination banknotes with immediate effect.

On a side note, the official website of the RBI has crashed due to heavy search volumes.

#2000banknotes #rbi #?2000notes #India #banknotes #finance