The Reserve Bank of India (RBI) has taken an important decision to withdraw Rs 2000 notes from circulation on 19th May 2023. Although these banknotes will no longer be issued, they will retain their status as legal tender. Note exchange limit is Rs 20,000. That is, 20000 rupee notes will be changed in one go.
After this decision, the opposition parties have attacked the Modi government. 2000 notes were introduced in November 2016 after the old 500 and 1000 notes were demonetised. Now after about seven years they will be taken back.
Time limit for Exchange of 2000 Rupee Note
The RBI governor said that anyone who has a Rs 2,000 note can deposit it in his bank account or exchange it for any other denomination currency. Rs 2,000 notes can be exchanged or deposited for four months i.e. till September 30. Das said, “There is already enough cash in the system. Not only the Reserve Bank, there is enough cash in the currency chests operated by the banks.
Annual limit of 2000 Note
The Reserve Bank had given a lot of information about the 2000 rupee note in its annual report. According to the annual report of the Reserve Bank of India, 2000 notes were the most prevalent in the country during the year 2017-18. Not a single note of Rs 2000 has been printed in the financial year 2019-20, financial year 2020-21 and financial year 2021-22. Because of this, the circulation of Rs 2000 notes has reduced in the market.