RBI to withdraw Rs 2000 notes from circulation
The Reserve Bank of India has announced its decision to withdraw Rs 2,000 notes from circulation. The central bank has asked citizens to exchange them at banks by September 30.
All banks have been asked to provide deposit or exchange facilities for Rs 2,000 banknotes till September 30.
The central bank also said in order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2,000 notes into notes of other denominations can be made upto a limit of Rs 20,000 at a time at any branch starting from May 23.
To facilitate the exchange of Rs 2,000 notes, the RBI has issued a separate guideline to banks.
In a circular released on Friday, the RBI said, “In pursuance of the Clean Note Policy of the Reserve Bank of India, it has been decided to withdraw the Rs 2,000 denomination banknotes from circulation. The banknotes in Rs 2,000 denomination will continue to be legal tender.”