RBI Withdraws 2000 Rupee Notes From Circulation in India

The Reserve Bank of India has decided to withdraw INR 2,000 notes from circulation in pursuance of the central bank’s Clean Note Policy. The INR 2,000 denomination banknotes will continue to be legal tender, but banks will stop issuing them with immediate effect. Citizens can deposit or exchange their INR 2,000 notes until September 30, 2023, and the exchange facility will be available at all banks and RBI offices. The RBI has clarified that the withdrawal of the INR 2,000 banknotes is not demonetization and is a move similar to what the RBI has undertaken in the past.