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You have from May 23 to Sept 30 to deposit these notes in your bank account or exchange them for other denominations. But you can exchange only 10 notes at a time. Why has the RBI done this?
The Reserve Bank of India's move to withdraw Rs 2,000 note from circulation is the latest decision in a string of similar moves over the years. Take a look at the timeline for the same.
The RBI has decided to withdraw Rs 2000 denomination of banknotes from circulation under the clean note policy. People have been advised to deposit the currency, which was introduced six years ago, into their bank accounts or swap them for notes of other denominations at any bank
Going by the RBI press release, Rs2000 notes will continue to remain a legal tender, meaning one can use it for transactions. This wasn’t the case when noteban happened when notes were deemed invalid overnight.
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.