Rs 2,000 Currency Notes Withdrawn: All You Need To Know
Those holding these notes worth up to Rs 20,000 exchanged at banks in one go, while there are no restrictions on deposits.
The Reserve Bank of India on Friday withdrew Rs 2,000 banknotes from circulation stating that it will continue to be a legal tender.
The apex bank said those holding them can get the notes exchanged with currency of other denominations. The facility will be available at any bank starting from May 23, 2023.
"The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as on March 31, 2018, (37.3% of notes in circulation) to Rs 3.62 lakh crore constituting only 10.8% of notes in circulation on March 31, 2023," the RBI said.
It has also been observed that this denomination is not commonly used for transactions. The stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public, the RBI said.
The facility for deposit and exchange will also be available at all banks and 19 regional offices of the RBI having Issue Departments.
Members of the public can exchange notes up to Rs 20,000 in one go.
Exchange of Rs 2,000 banknotes can be made through business correspondents up to Rs 4,000 a day for an account holder.
Deposit into accounts can be made without restrictions. Cash withdrawals can be done as required.
Here are more RBI's FQAs on how it works: