RBI to withdraw Rs 2000 notes from circulation, exchange by sept 30
New Delhi: The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2,000 notes from circulation. People can exchange Rs 2,000 notes by September 30.
In a notification, RBI asked the 19 regional offices to stop issuing the Rs 2,000 notes immediately. However, they will remain legal tender.
The regional banks will start taking the notes for exchange with lower denomination one from May 23.
The RBI introduced ₹ 2,000 note in November 2016 after Prime Minister Narendra Modi scrapped high-value ₹ 1,000 and ₹ 500 notes overnight. However, RBI stopped the printing of ₹ 2000 banknotes in 2018- 19.