₹2000 denomination notes will be withdrawn from circulation but will continue to remain as a legal tender.
As per RBI Data, total value of ₹2000 Note in circulation has declined from ₹6.73 Lakh Crore on March 31, 2018 to ₹3.62 Lakh Crore as of March 31, 2023.
The declined is steep from 37.3% to 10.8% of total notes in circulation, which has warranted the move.
In line with RBI’s “Clean Note Policy” it has been decided to withdraw the ₹2000 denomination notes from circulation.
₹2000 notes can exchanged into banknotes of other denominations up to a limit of ₹20,000 at a time at any bank with effect from May 23, 2023 until September 30, 2023.
RBI has asked banks to stop issuing ₹2000 notes with immediate effect.
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