2000 Rupee Note RBI to withdraw
RBI to withdraw Rs 2,000 notes from circulation
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RBI to withdraw Rs 2,000 notes from circulation, will continue as legal tender
The Reserve Bank of India on Friday ,19 May 2023 announced withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30. Stay with TOI for the latest developments
The Reserve Bank (RBI) on Friday announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. In other words, the Rs 2,000 notes will continue to be a legal tender till September 30. In a statement, the Reserve Bank of India (RBI) said it has asked banks to stop issuing Rs 2,000 notes with immediate effect.
An exchange of a maximum of Rs 20,000 (10 notes of Rs 2,000) for other currency notes will be allowed at a time, a statement by the RBI said. Here are the major developments so far following the announcement:
According to the RBI, ATMs will be reconfigured accordingly. The facility for exchange of Rs 2,000 banknotes shall be provided to all members of the public by all banks through their branches. For providing deposit/exchange facility to people residing in remote/unbanked areas, banks may consider using mobile vans, if necessary, it said.
The deposits of Rs 2,000 notes into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other requirements.
There are no restrictions on the exchange Rs 2,000 notes up to to a limit of Rs 20,000 at a time beginning May 23.
The exchange of Rs 2,000 notes can be done via banking corespondents for up to Rs 4,000 per day for an account holder.
Business Correspondents may also be allowed to exchange Rs.2,000 banknotes upto a limit of Rs 4,000 per day for an account holder. For this purpose, banks may, at their discretion, enhance the cash holding limits of BCs, the IANS reported.
RBI had stopped printing of fresh Rs 2,000 notes since 2018-19. The total value of these bank notes in circulation declined from Rs 6.73 lakh crore at its peak as on March 31, 2018 (37.3 per cent of notes in circulation) to Rs 3.62 lakh crore (10.8 per cent of notes in circulation) as on March 31, 2023.
- (this news is generated from online sources)
