RBI Withdraws ₹2,000 Currency Notes: All You Need to Know About it

The Reserve Bank of India has announced the withdrawal of ₹2,000 currency banknotes, retaining legal value only for existing notes in circulation.

Why RBI Decided to Withdraw ₹2,000 Banknotes?RBI introduced ₹2,000 notes in 2016 to meet the currency requirement during demonetization. Printing stopped in 2018-19 when the objective was completed.

Also About Clean Note PolicyThe Clean Note Policy ensures circulation of healthy currency with new security features. RBI withdrew pre-2005 notes due to inadequate security features.

Will the ₹2000 Banknotes Lose Their Legal Status?2000 banknotes remain legal; transactions and payments with them are valid. RBI advises citizens to exchange or deposit them by September 30, 2023.

What Will Happen to ₹2,000 Banknotes After September 30?The regulator, RBI, has not yet disclosed what will happen to the ₹2,000 banknotes after September 30. However, experts believe that the instructions will be cleared before the deadline.

What is the Limit for Exchanging the ₹2,000 Banknotes?RBI allows the public to exchange up to Rs 20,000 in Rs 2,000 notes at once (10 notes). Through business correspondents, the limit is Rs 4,000 (2 notes).