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.

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

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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.

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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.

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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.

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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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