The Reserve Bank of India (RBI) has decided to withdraw the Rs. 2000 denomination banknotes from circulation
However, these banknotes will still be considered legal tender
Starting from May 23, 2023, individuals can exchange Rs. 2000 notes for banknotes of other denominations up to Rs. 20,000 at a time
Banks have been instructed to offer facilities for depositing or exchanging Rs. 2000 banknotes until September 30, 2023
Here are ten important points to understand about the withdrawal of Rs. 2000 banknotes from circulation:
• Legal Tender
• Time limit
• Banks not to issue Rs. 2000 notes
• Use of Rs. 2000 note for transactions
• Where to deposit?
• Operational limit
• Effective date for exchange facility
• Exchange facility can be availed by non-customers (non-account holders)
• Exchange facility is free
• Business correspondents (BC) can also provide an exchange facility
