People may exchange or deposit the 2000 notes in their bank accounts by September 30 when the central bank withdraws them from circulation. Starting May 23, 19 regional offices of the Reserve Bank of India (RBI) and other banks will exchange 2000 notes for lower denominations. According to the RBI, they will remain legal tender.
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Banks have been ordered to stop issuing bills worth 2000 immediately by the Reserve Bank of India.
As a result of Prime Minister Narendra Modi’s overnight decision to scrap high-value currency notes, the RBI started printing the 2000 note in November 2016.
A statement released by the Reserve Bank of India said, “The objective of introducing TWO thousand banknotes has been achieved once banknotes of other denominations have become available in adequate quantities. The printing of TWO thousand banknotes was thus discontinued in 2018-19.”
Starting May 23, 2023, banks will be able to exchange 2000 banknotes into banknotes of other denominations up to a limit of 20,000 at a time, the RBI said.
Until September 30, people can deposit or exchange lower denomination notes with the central bank.
There are approximately 89 percent of banknotes with a denomination of 2000 that were issued before March 2017 and are at the end of their estimated life of four to five years. It is estimated that the total value of these notes in circulation declined from 6.73 lakh crore on March 31, 2018 (37.3 percent of notes in circulation) to 3.62 lakh crore on March 31, 2023, representing only 10.8 percent of notes in circulation.
This note is not commonly used for transactions, according to the central bank. RBI had withdrawn notes from circulation in 2013-2014.
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