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Rs 2,000 notes withdrawn: Another thing to keep in mind is that you don’t need to be an account-holder to exchange banknotes.

Rs 2,000 banknotes withdrawn: The petroleum dealers' association said that before the withdrawal of Rs 2,000 notes, petrol pumps used to get 10 per cent of their cash in the form of Rs 2,000 notes, which has now jumped to 90 per cent.

RBI Governor Shaktikanta Das on Monday explained the reasons Rs 2,000 note withdrawal. He also clarified Rs 2,000 notes exchange, deposit deadline, rules and limits.

The RBI on Friday said that it had withdrawn Rs 2,000 currency notes but the note will remain a legal tender. It has asked people to deposit/exchange the currency till September 30, 2023.

Dr Krishnamurthy Subramanian, who was the chief economic advisor from 2018 to 2021, explains that the governments decision to withdraw Rs 2000 notes is a good move.

RBI said it has asked banks to stop issuing Rs 2,000 notes with immediate effect, but the existing Rs 2,000 denomination banknotes will continue to be legal tender

The RBI on Friday said Rs 2,000 denomination notes to the value of Rs 3.62 lakh crore were in circulation on March 31, 2023.

While these notes will continue to hold their status as legal tender as of now, individuals are now being requested to deposit them in banks

According to Dr Subramanian, the withdrawal of Rs 2,000 notes will have overall positive effects

The RBI has advised citizens to deposit Rs 2,000 banknotes into their bank accounts or exchange them into banknotes of other denominations at any bank branch.