The Reserve Bank of India (RBI), on Friday, May 19, said it has decided to withdraw the Rs 2000 note or Rs 2000 note ban in India. However, the Rs 2,000 denomination bank notes will continue to be legal tender.
The Reserve Bank of India (RBI) on Friday announced that Rs 2,000 notes will only stay on as legal tender and will be discontinued from circulation. Currency notes of Rs 2,000 were introduced in November 2016 after demonetisation led to Rs 500 and Rs 1,000 notes being banned from use. Explaining the move, the RBI said, “The use of Rs 2,000 notes was fulfilled after other denominations became available in adequate quantities.” RBI said the printing of Rs 2,000 notes was stopped in 2018-19.
List of 10 Facts About Rs 2000 Note Ban in India
- RBI Rs 2000 Note Ban – The RBI, in a surprise decision, has banned Rs 2,000 notes.
- Are Rs 2000 Demonetised – No, the Rs 2,000 notes are not demonetised. That means – they can still be used for transactions.
- Last Date to Exchange Rs 2000 note – The last date to exchange Rs 2,000 notes is September 30th.
- Last Date till Rs 2000 note Valid – All Rs 2000 notes are valid till 30th September 2023.
- Where to exchange Rs 2,000 ban notes – All the Rs 2,000 notes can be exchanged at any bank and RBI regional centres
- Exchange Limit of Rs 2000 note – A total of Rs 20,000 will be available to exchange once on the signal day.
- When will the Exchange of Rs 2000 Notes start – Exchange of Rs 2000 notes will start on May 23 2023.
- How To Change Rs 2000 Note Ban – If you are planning to exchange the Rs 2000 notes, then you need to visit the nearest bank. You can exchange the same amount in different notes, or you can deposit the amount in your account.
- Bank can not deny accepting the old Rs 2000 note.
- RBI has given almost 4 months to exchange the Rs 2000 note.
About 89% of the Rs 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated lifespan of 4 to 5 years, the RBI said in a notification.