RBI has come up with new decision regarding the Rs 2000 note. The regulatory body has issued a circular which has asked banks to stop issuing of Rupees 2000 denomination banknotes. The authority also asked banks to provide deposit or/and exchange facility for Rs 2000 note, until 30th of September 2023. However the currency will continue to be legal tender.
In a statement, the RBI said, “The Rs 2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of Rs 2000 banknotes was stopped in 2018-19.”
“To complete the exercise in a time-bound manner and to provide adequate time for the members of the public, all banks shall provide deposit and/or exchange facilities for Rs 2000 banknotes until September 30, 2023,” the RBI circular read.
