The Reserve Bank of India (RBI) on Friday decided to withdraw the Rs 2000 denomination currency notes from circulation, but added they will continue to remain as legal tender. RBI had also advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect
The exchange of Rs 2000 bank notes into notes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank
According to RBI, the objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped subsequently in 2018-19
About 89 per cent of the Rs 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life span of four-five years
Meanwhile, the State Bank of India, in a communication shared with all its circles, said no ID cards or requisition forms are needed to exchange Rs 2000 currency notes. The customers, however, would be allowed to exchange a maximum of ten currency notes of Rs 2000 at a time
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