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RBI withdraws circulation of INR 2000 Notes

Pursuant to RBI guidelines RBI/2023-24/32 DCM(Plg) No. S-236/10.27.00/2023-24 dated 19 May 2023 with the subject: “ ₹2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tender”, RBI has advised the following:

  1.  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.
  2. The banknotes in ₹2000 denomination will continue to be legal tender.
  3. Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions.
  4. Exchange of ₹2000 bank notes into bank notes of other denominations can be made upto a limit of ₹20,000 at a time at any bank starting May 23,2023.
  5. All banks (to locate your nearest SCB Bank branch, click here  shall provide deposit and/or exchange facility for ₹2000 banknotes until September 30, 2023.​​​​​
  6. The Reserve Bank of India has advised banks to stop issuing ₹2000 denomination banknotes with immediate effect.
  7. To view the FAQs published by RBI, click here.
  8. For more information on Deposit and Exchange facility, click here.