As of September 30, current notes in circulation can either be deposited in bank accounts or exchanged, according to a Reserve Bank of India announcement.
The RBI said in a statement on May 19 that bank notes with a face value of Rs 2,000 would remain legal currency.
The RBI stated that beginning on May 23, 2023, exchanges of Rs 2,000 bank notes into banknotes of other denominations can be done at any bank up to a ceiling of Rs 20,000 at a time in order to maintain operational convenience and prevent interruption of routine activities of bank branches.
The RBI has instructed banks to immediately stop printing bank notes with a value of Rs 2,000.
Aside from that, starting on May 23, the 19 Regional Offices (ROs) of the RBI with issuing divisions will provide the option to swap notes worth up to 20,000 rupees each.
After all of the Rs 500 and Rs 1,000 bank notes that were in use at the time lost their legal tender validity, the Rs 2,000 denomination bank note was issued in November 2016 primarily to quickly address the financial needs of the economy.
