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The RBI has advised members of the public to deposit Rs 2,000 banknotes into their bank accounts or exchange them for banknotes of other denominations at any bank branch.
The banknotes in Rs 2,000 denomination will continue to be legal tender, the RBi said in a release.
The Reserve Bank of India on Friday announced the withdrawal of Rs 2,000 currency notes from circulation. People can either deposit Rs 2,000 notes in accounts or exchange them at banks till September 30, 2023. An exchange of a maximum of Rs 20,000 for other currency notes will be allowed at a time. , Personal Finance News, Times Now
Rs 2000 Note News: The Reserve Bank of India (RBI) on Friday announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. However, the Rs 2,000 notes will continue to be a legal tender till September 30., Personal Finance News, Times Now
'This move ultimately would reduce the quantum of black money and help tax collections to improve. Hence, it is a positive development for market,' says market expert G Chokkalingam