Rs 2000 Note Ban RBI Notice, Demonetisation, Deposit Last Date, How To Exchange

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The Reserve Bank of India (RBI) has said that Rs 2000 notes Ban will now be out and it will not be in circulation anymore. That is, now you will not get Rs 2000 notes from the bank. RBI has given this information by issuing a press release on 19 May 2023. According to RBI, these notes will remain legal tender till 30 September 2023. That is, till then these notes kept with you will remain valid.

Although RBI has also said that those who have 2000 notes can deposit it in the bank by 30 September 2023. Seven years ago, on 8 November 2016, the Modi government suddenly demonetised Rs 500 and Rs 1000 notes. He said that this will stop black money and terrorist funding. New notes of Rs. 500 and Rs 2,000 were brought in exchange of old notes. For a long time, news was coming that 2000 notes are not under printing.

Rs 2000 Note Ban RBI Notice

According to RBI, people who have 2000 notes can deposit it in the bank or exchange it for other notes. To avoid any problem with the banks, the limit for exchange of notes has been kept at Rs 20,000. That is, at one go you can exchange up to 20 thousand notes. This facility will start from May 23 and will continue till September 30. Apart from this, notes can also be exchanged in 19 regional branches of RBI.

RBI has asked banks to stop issuing Rs 2000 notes with immediate effect. RBI has given another information. That is, 89 percent of the 2000 notes were issued before March 2017. During March 2018, a total of 2000 notes worth Rs 6 lakh 73 thousand crore were present in the market. This was peak. At the same time, in March 2023 only Rs 3 lakh 62 thousand crore notes were left.

Rs 2,000 notes Demonetisation, Last Date & How To Exchange

Taking an important decision on Friday 19 May 2023, the Reserve Bank of India (RBI) has decided to withdraw Rs 2000 notes. That means now 2000 notes will not be in circulation. The Reserve Bank of India has advised banks to stop issuing Rs 2,000 notes to customers with immediate effect. According to the information, RBI has taken this big decision under the Clean Note Policy.

  • You need to deposit Rs 2,000 banknotes in your bank account or exchange them at any bank branch.
  • You can change Rs 2,000 notes in the usual way by going to the bank
  • You can exchange Rs 2,000 notes by visiting your bank from 23 May 2023.
  • As of now, all banks across the country will allow currency exchange till 30 September 2023.
  • The facility of exchanging Rs 2,000 notes to a limit of Rs 20,000 at a time will also be provided at 19 Regional Offices (ROs) of RBI from 23 May 2023.
Rs 2000 Note Ban RBI Notice, Demonetisation, Deposit Last Date, How To Exchange

Rs 2000 Note will remain legal tender

Reserve Bank of India has also informed that those who have Rs 2000 notes can easily return them till 30 September 2023, that is, there is nothing to worry about and Rs 2000 notes will continue to be legal tender. RBI has told that under the clean note policy, it has withdrawn Rs 2000 note from circulation.

By the way, the decision that has been taken has been speculated for a long time. In fact, in the annual report of RBI that came out, it was told that not a single note of Rs 2000 was printed in the financial year 2021-22, which means that the circulation had already been reduced.

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FAQs related to Rs 2000 Note Ban RBI Notice

What to do if you have Rs 2,000 notes?

You don’t need to panic now. Rs 2,000 notes has not been discontinued. These notes have just been taken out of circulation. That is, these notes will be gradually phased out. If you also have Rs 2,000 notes then you do not have to worry much. You can return these notes back to the bank. Bank will give you new note in exchange of 2000 note.

When will the notes be changed?

If you have a Rs 2,000 note, then by 30 September 2023, you will be able to exchange it by going to any bank branch. From next week, from 23 May 2023 Rs 2,000 notes can be exchanged or deposited in any bank.

When did RBI issue Rs 2,000 notes?

RBI had issued Rs 2,000 notes in November 2016 under section 24(1) of the RBI Act 1934. This decision was taken so that at that time the notes of Rs 500 and Rs 1000 were removed from circulation. In the year 2016, during the demonetisation, the government had banned the notes of Rs. 500 and Rs. 1000.

Does the legal tender status of Rs 2000 banknotes remain?

Yes. Rs. 2000 banknote will continue to maintain its legal tender status.

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