May 20, 2023, 02:36 PM IST
Image: Pixabay, Reuters, istock
The Rs 2000 denomination banknote introduced in November 2016 has now been withdrawn.
Individuals can deposit the existing notes or exchange them at the banks from May 23 till September 30.
10 notes of Rs 2000, i.e. Rs 20,000 can be exchanged at a time.
Rs 2000 notes to remain legal tender till Sept 30, 2023 but will be out of circulation.
RBI said that printing of Rs 2000 banknotes was stopped in 2018-19.
RBI clarified that the decision has been taken under the 'Clean Note Policy'
About 89% of the Rs 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years.
The objective of introducing Rs 2000 banknotes has been met as banknotes in other denominations became available.
Apart from any commercial bank branch, notes can be exchanged at the 19 Regional Offices (ROs) of RBI having Issue Departments.
Individuals can avail of the exchange facility free of cost.