The shocking announcement has left citizens across the country with questions regarding the implications and the process of exchanging their Rs 2,000 notes.
Why RBI decided to discontinue the Rs 2000 note, what should you do with your notes and how and where you can deposit or exchange your notes?
If you are also concerned about these questions, here are all the answers, RBI Announces Withdrawal of ₹2000 Banknotes from Circulation.
The Reserve Bank of India has decided to withdraw the ₹2000 denomination banknotes from circulation even as it reiterated that these notes will continue to be legal tender.
This comes about six-and-a-half years after ₹1000 and ₹500 banknotes were demonetised.
This move is significant, coming as it does just after the state assembly elections in Karnataka.
Where the Congress won, and in the run-up to elections in other states and the 2024 general elections.
The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act.
1934 following demonetization of ₹500 and ₹1000 notes in circulation at that time.
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As per a press release issued today by RBI’s Chief General Manage.
The objective of introducing ₹2000 banknotes was to meet the currency requirement of the economy at the time.
It said this objective was met once banknotes in other denominations became available in adequate quantities.
Therefore, printing of ₹2000 banknotes was stopped in 2018-19.
How and where to deposit or exchange the Rs 2,000 notes?
The exchange or deposit can be done at any bank or post office in India.
RBI said the facility for deposit into accounts and exchange for Rs 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 of RBI having Issue Departments.
Apart from Banks, Post Offices and RBI offices, people can also exchange notes through Business Correspondents up to a limit of Rs 4,000 per day for an account holder.
RBI Announces Withdrawal of ₹2000 Banknotes from Circulation, RBI Announces Withdrawal of ₹2000 Banknotes from Circulation