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Reserve Bank of India (RBI) has announced to withdraw Rs 2,000 currency notes. However, the notes will continue to be legal tender till September 30, says RBI.
Rs 2000 Note Ban, RBI withdraws Rs 2,000 note LIVE Updates: The Reserve Bank of India (RBI) on Friday said that it will withdraw the Rs 2,000 denomination banknote from circulation but it will continue as legal tender. In a statement, the RBI said: "The 2,000 denomination banknote was introduced in November 2016 primarily to meet the currency requirements of the economy in an expeditious manner after the withdrawal of legal tender status of all 500 and 1,000 banknotes in circulation at that time." It also said that all banks shall provide deposit and/or exchange facility for 2,000 ba...
RBI 2000 Note Ban: The RBI has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect
"Thanks to the arrival of digital payments and especially UPI in the past six years, a wide majority may not have even a single Rs 2,000 note at home. Given an over four-month window, there is no urgency to exchange or deposit it," an official said
The RBI has said that the Rs 2,000 note will be legal tender till September 30, 2023.