Breaking news: RBI announced to withdraw ₹2000 notes

On May 19, The Reserve Bank of India (RBI) has announced that it will be withdrawing the Rs 2,000 currency notes from circulation. This means that people are required to deposit their Rs 2,000 banknotes into their accounts or exchange them for other denominations at any bank branch before September 30, 2023. 

The Rs 2000 note was introduced in November 2016 to quickly replace the withdrawn Rs 500 and Rs 1000 notes. After meeting the initial currency needs and printing enough notes of other denominations, the printing of Rs 2000 notes stopped in 2018-19.

Most of the Rs 2000 notes were issued before March 2017 and have now reached their estimated lifespan of 6 years. This denomination is no longer widely used, and there are enough banknotes of other denominations available to meet the currency requirements.

The exchange facility for Rs 2,000 currency notes will be available starting from May 23, 2023 till 30 September 2023 up to 10 notes (Rs 20,000) at a time.