The Reserve Bank of India (RBI) on Friday, May 19, said it has decided to withdraw the Rs 2,000 denomination bank notes from circulation. However, the Rs 2,000 denomination bank notes will continue to be legal tender.
The window to exchange ₹ 2,000 notes will open from May 23 and close on September 30. As per the RBI release, people can exchange up to a limit of ₹ 20,000 at a time. People may deposit Rs 2,000 notes into their bank accounts or exchange them for notes of other denominations at any bank branch.
The Rs 2,000 denomination banknote was introduced in November 2016, during Demonetization. The total value of these banknotes in circulation has decreased. Currently it constitues on 11% of total money circulation. Government is pushing for clean note policy to ensure availability of good quality banknotes to the members of public.