RBI Withdraws Rs 2,000 Notes; September 30 Deadline

The Reserve Bank surprised everyone by withdrawing Rs 2,000 currency notes, but allowed the public until September 30 to deposit or exchange them at banks.

The RBI has instructed banks to cease the issuance of Rs 2,000 notes with immediate effect, according to a statement.

No deposit limit is specified by the RBI for Rs 2,000 currency notes, but individuals can exchange up to Rs 20,000 (10 notes of Rs 2,000) for other currency notes at a time.

To curb black money hoarding, the RBI restricted the exchange of Rs 2,000 currency notes to a maximum of Rs 20,000 due to their discontinued printing in 2018-19 and limited circulation.

Introduced in November 2016, the Rs 2,000 bank note was swiftly issued to meet the currency demand after the withdrawal of Rs 500 and Rs 1,000 notes in circulation.

The RBI acknowledges limited usage of the Rs 2,000 note in transactions but assures an ample supply of other denomination notes to meet public currency requirements.

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