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Although banknotes of the Rs 2000 denomination will continue to be legal money, the RBI has instructed banks to stop issuing them with immediate effect, , reserve bank of india
The Reserve Bank of India (RBI) has announced that Rs 2000 banknotes will be withdrawn from circulation as part of its \"Clean Note Policy\", but will remain legal tender. Banks have been advised to stop issuing the notes, and individuals can exchange them for other denominations at bank branches until September 30, 2023. The exchange of Rs 2000 banknotes will be capped at Rs 20,000 at a time starting from May 23, 2023. The initiative aims to streamline currency circulation and promote other denominations., Economy News, Times Now
The RBI said that about 89 percent of the 2,000 denomination banknotes were issued before March 2017 and are at the end of their estimated life span of 4-5 years.
RBI has requested banks to start deposit or exchange facility of Rs 2000 notes for customers from May 23, 2023.
RBI has requested banks to provide deposit and exchange facility of Rs 2000 notes until September 30, 2023. In the statement, RBI clarified that exchange facility for Rs 2000 bank notes would be available from May 23.