Rs 2,000 notes withdrawn: What should you do with your Rs 2,000 notes? RBI answers all your queries

The Reserve Bank of India (RBI) on Friday, May 19, announced that it has decided to withdraw the Rs 2,000 currency notes from circulation. The central bank asked all to deposit the Rs 2,000 banknotes into their accounts or exchange them for banknotes of other denominations at any bank branch by September 30, 2023. Deposit into bank accounts can be made in the usual manner, without any restriction. The exchange facility for Rs 2,000 currency notes will start from May 23, 2023, the RBI said.Do keep in mind that the existing Rs 2,000 denominationbanknotes will continue to be legal tender.

Now what should you do with your old Rs 2,000 note? Do you have to pay any extra fee to exchange your current Rs 2,000 note? RBI answered all your queries. Read on

1. Why are Rs 2000 denomination banknotes being withdrawn?

The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934 primarily with the objective to meet the currency requirement of the economy in an expeditious manner after withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time. With fulfilment of that objective and availability of banknotes in other denominations in adequate quantities, printing of ₹2000 banknotes was stopped in 2018-19. A majority of the ₹2000 denomination notes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continue to be adequate to meet the currency requirement of the public.

In view of the above, and in pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw the ₹2000 denomination banknotes from circulation.

2. What is Clean Note Policy?
It is a policy adopted by RBI to ensure availability of good quality banknotes to the members of public.

3. Does the legal tender status of ₹2000 banknotes remain?

Yes. The ₹2000 banknote will continue to maintain its legal tender status.

4. Can ₹2000 banknotes be used for normal transactions?
Yes. Members of the public can continue to use ₹2000 banknotes for their transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.

5. What should the public do with the ₹2000 denomination banknotes held by them?
Members of the public may approach bank branches for deposit and/or exchange of ₹2000 banknotes held by them.

The facility for deposit into accounts and exchange for ₹2000 banknotes will be available at all banks until September 30, 2023. The facility for exchange will be available also at the 19 Regional Offices (ROs) of RBI having Issue Departments1 until September 30, 2023.

6. Is there a limit on deposit of ₹2000 banknotes into a bank account?
Deposit into ba ..

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