2000 Rupee Note News: RBI has announced to withdraw Rs 2000 note from circulation. The Reserve Bank of India has advised banks to stop issuing banknotes in the denomination of Rs 2,000 with immediate effect. However, banknotes in the denomination of Rs 2000 will continue to be legal tender. According to the information, RBI has taken this decision under the Clean Note Policy. RBI has said that these notes will remain legally valid till 30 September.
People can deposit Rs 2,000 notes in bank accounts or exchange them for notes of other denominations by visiting any bank branch. People have to keep in mind that a maximum of Rs 20,000 notes can be changed at a time. This process will start from 23rd May and will end on 30th September 2023.
Why were there 2000 notes?
Rs 2,000 notes were introduced in November 2016. Its purpose was that after the withdrawal of 500 and 1000 rupee notes, the need of currency in the economy could be met rapidly. With that purpose being served and the availability of notes of other denominations in sufficient quantity, the printing of Rs 2,000 notes was discontinued in 2018-19. Most of the Rs 2,000 denomination notes were issued before March 2017. The estimated life span of these notes was only 4-5 years. It was also observed that notes of this denomination are not generally used for transactions. The stock of bank notes of other denominations continues to be sufficient to meet the currency requirement of the public. Keeping these considerations in mind and in accordance with the ‘Clean Note Policy’ of the Reserve Bank of India, it has been decided to withdraw the Rs 2,000 notes from circulation.
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Can Rs 2,000 note be used for normal transactions?
Yes. The public can continue to use Rs 2000 notes for their transactions. Can also get them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.
What to do with Rs 2,000 notes now?
The public can approach bank branches to deposit and/or exchange Rs 2,000 notes in their possession. The facility to deposit in accounts and exchange Rs 2,000 notes will be available across all banks from May 23 to September 30, 2023.
From which date 2000 rupee notes will be exchanged ?
In order to give banks time to make preparatory arrangements, the public is requested to approach bank branches or Regional Offices of the Reserve Bank of India from May 23, 2023 for availing the exchange facility.
What to do if a bank refuses to exchange/accept/deposit the Rs 2,000 banknote?
The complainant / aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days of lodging the complaint or if the complainant is not satisfied with the reply given by the bank, the complainant can lodge a complaint under the Reserve Bank Integrated Ombudsman Scheme at cms.rbi.org.in