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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.