July 01, 2023
The Reserve Bank of India (RBI), on May 19, announced its decision of withdrawing ₹2,000 notes from circulation as it has fulfilled the currency requirement of the economy and due to the adequate availability of notes in other denominations. The ₹2,000 notes were introduced in 2016 in order to meet the country’s urgent currency requirement after the demonetisation exercise that year. The printing of the notes was discontinued in 2018-19. Though the RBI has decided to withdraw the ₹2,000 notes, it will retain their legal tender status. The RBI instructed people to deposit the notes or exchange them for notes of other denominations at branches of banks. The exchange and deposit of ₹2,000 notes began on May 23 and will continue till September 30, 2023.
