It was in the November of 2016 when the new denomination of banknotes was introduced in the country, which also included the ₹2000 notes. However, being in circulation ever since, the Reserve Bank of India (RBI) has now decided to withdraw the ₹2000 banknotes. While it will continue to remain as legal tender, the RBI has given a date until which people can exchange their bank notes. Here’s all you need to know about the withdrawal of the ₹2000 denomination bank notes.
RBI Withraws ₹2000 Banknotes!
As mentioned above, the RBI has declared its decision to withdraw the ₹2000 bank notes from circulation. As a result, it has advised banks to stop issuing these currency notes with immediate effect. According to a news report by Live Mint, it was stated that people can deposit their ₹2000 banknotes into their bank accounts. They can even exchange them with any other denomination at any bank branch! Although the last day for this exchange has been given as September 30, 2023, it was stated in the report that the ₹2000 currency note will remain in legal tender. So, the RBI expects that people will be able to exchange their notes with banks at their own pace during this four-month period. So, by this date, most of these notes will return to the bank!
But Why Is The RBI Recalling These Notes?
If you are wondering why is the RBI recalling these banknotes, the report also stated that the RBI had earlier said that these notes had served the objective for which it was introduced. It’s worth mentioning here that these notes were stopped printing in 2018-19. So, most of the ₹2000 denomination banknotes (about 89%) were issued before March 2017. Not to mention, these banknotes were introduced in November 2016 with the motive of meeting the currency requirements at the time, as the legal tender for ₹500 and ₹1000 banknotes were withdrawn.
If you are wondering when can you start exchanging your ₹2000 banknotes, you can do so from May 23, 2023, which happens to be a Tuesday. To make this exchange seamless for everybody, people can exchange up to the limit of ₹20,000 at a time at any bank from this date onwards.
On a concluding note, the RBI has said that there is no need to panic, and that this is just a routine exercise of the central bank.
So, if you’re running an F&B, experience, or travel business, we hope we have brought this news to your attention. So, make sure to exchange these notes, and while you’re at it, don’t forget to inform your customers about this move by the RBI as well!
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