The Reserve Bank of India (RBI) on May 19, 2023, issued a notification regarding the ₹2000 denomination banknote introduced in November 2016 under Section 24(1) of the RBI Act, 1934.
In view of the above, and in pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw the ₹2000 denomination banknotes from circulation. The banknotes in ₹2000 denomination will continue to be legal tender.
Accordingly, members of the public may deposit ₹2000 banknotes into their bank accounts and/or exchange them for banknotes of other denominations at any bank branch.
Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions.
In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the exchange of ₹2000 banknotes into banknotes of other denominations can be made up to a limit of ₹20,000/- at a time at any bank starting from May 23, 2023.
To complete the exercise in a time-bound manner and to provide adequate time to the members of the public, all banks shall provide deposit and/or exchange facilities for ₹2000 banknotes until September 30, 2023. Separate guidelines have been issued to the banks.
The facility for the exchange of ₹2000 banknotes up to the limit of ₹20,000/- at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023.
The Reserve Bank of India has advised banks to stop issuing ₹2000 denomination banknotes with immediate effect.
Members of the public are encouraged to utilise the time up to September 30, 2023, to deposit or exchange the ₹2000 banknotes.
[Notification No. 2023-2024/257]
