Sayantan Chakraborty
Demonetization 2.0: The Reserve Bank of India has decided to withdraw the ₹2000 banknote from circulation, but citizens can deposit the said banknote in their bank account or exchange them into other denominations at any bank branch till the date decided by RBI.
Deadline For Exchanging ₹2000 Note
The deadline set by RBI for depositing or exchanging the ₹2000 is 30th September 2023. The central bank has advised banks in India to stop issuing the ₹2000 banknote, effective immediately.
But citizens have to remember that they can exchange the ₹2000 banknote for any other denomination up to the limit of ₹20,000 (or 10 Two Thousand Rupees banknotes) at a time, starting from 23rd May 2023.
Statements From RBI On Banning ₹2000 Banknote
According to the news agency ANI, RBI said, “₹2000 currency note will remain legal tender after 30th September too. RBI expects that 4 month time is enough for people to exchange notes with the banks. Most of the ₹2000 notes that are in circulation will return to banks within the given time frame of 30th September. This is a routine exercise of RBI and people need not panic,”
The central bank also said in a statement, “The objective of introducing ₹2000 banknotes were met once banknotes in other denominations became available in adequate quantities,”
On further elaboration, “The printing of ₹2000 banknotes was stopped in 2018-19. About 89% of the ₹2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of Notes in Circulation) to ₹3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023. It has also been observed that this denomination is not commonly used for transactions,”
For the people holding the ₹2000 denomination banknotes, RBI said, “Accordingly, members of the public may deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch. 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,”
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