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Almost seven years after Rs 1,000 and Rs 500 notes were discontinued and new notes were introduced, RBI has decided to remove the Rs 2000 currency notes from circulation.
Those who have the notes can continue to use them as legal tender for day to day expenses.
The central bank asked people to exchange or deposit them in their accounts by September 30.
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...
"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