Reserve Bank of India (RBI) has taken a big decision on Rs 2000 note. RBI has announced to withdraw Rs 2000 note from circulation. But the great thing is that the validity of the note is not going to end. RBI has said that now new notes of 2000 rupees will not be printed. RBI has said in a statement that Rs 2000 note will remain legal tender, but it is being withdrawn from circulation. RBI has said that these notes will be legally valid till 30 September.
The printing of this note has been stopped for the last three years.
The two thousand rupee note was introduced under the RBI Act 1934. These notes were introduced in view of the need of currency after the old notes of 500 and 1000 rupees were discontinued. After coming in sufficient quantity of the second note in the market, Rs. 2,000 had failed. Therefore in 2018-19 Rs. The printing of 2000 note was stopped.
The process of exchanging notes in banks will start from May 23.
People can deposit the Rs 2000 note in their bank accounts or visit any bank branch to exchange it for notes of other denominations. People have to keep in mind that only a maximum of Rs 20,000 notes can be exchanged at a time. This process will start from 23rd May and will end on 30th September 2023.
