Rs 2,000 Notes To Be Withdrawn, Exchange Them By September 30

The Reserve Bank of India's (RBI) 19 regional offices will start taking Rs 2,000 notes for exchange with lower denomination notes from May 23

The central bank has said it will withdraw Rs 2,000 notes from circulation and people can exchange them by September 30. The Reserve Bank of India's (RBI) 19 regional offices will start taking Rs 2,000 notes for exchange with lower denomination notes from May 23. They will remain legal tender, the RBI said. 

The RBI started printing the Rs 2,000 note in November 2016 after Prime Minister Narendra Modi scrapped high-value Rs 1,000 and Rs 500 notes overnight.

"The objective of introducing Rs 2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of Rs 2000 banknotes was stopped in 2018- 19," the RBI said in a statement.

"In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2,000 banknotes into banknotes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023," the RBI said.