Editor
The printing of Rs 2,000 banknotes was stopped in 2018-19. The decision to withdraw the Rs 2,000 notes was driven by the fact that most of them were issued prior to March 2017 and are reaching the end of their estimated lifespan.
The Reserve Bank of India (RBI) has announced the withdrawal of Rs 2,000 denomination banknotes from circulation, although they will remain legal tender. Banks have been instructed to allow deposit and/or exchange of Rs 2,000 notes until September 30, 2023. The issuance of Rs 2,000 banknotes has been halted immediately. People are advised to deposit or exchange their Rs 2,000 banknotes at any bank branch.
The RBI statement also mentions that from May 23, exchange facility for Rs 2,000 notes up to Rs 20,000 at a time will be available. The decision to withdraw the Rs 2,000 notes was driven by the fact that most of them were issued prior to March 2017 and are reaching the end of their estimated lifespan. The value of these banknotes in circulation has significantly declined since their introduction.