BREAKING | RBI Will Withdraw ₹2000 Notes From Circulation But They Will Continue As Legal Tender

The Reserve Bank of India today announced that it will withdraw ₹2000 notes from circulation. However, the currency will continue as Legal Tender.As per RBI, this denomination is not commonly used for transactions.People may deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch, RBI said. People may deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch, RBI said. "In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023," a press note issued by RBI says. "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."