Friday, February 23, 2024

RBI to withdraw Rs 2,000 notes from circulation

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The Reserve Bank of India on Friday announced it would withdraw bank notes in the denomination of Rs 2,000 from circulation.

A circular issued by the Central Bank said it had taken in view of the fact that Rs 2000 bank notes constituted only 10.8 percent of notes in circulation as on March 31, 2023.

Besides, the note was not commonly used for transactions.

However, the banknotes in the denomination of Rs 2,000 will continue to be legal tender.

The Central Bank said it has advised the banks to stop issuing 2,000-rupee notes with immediate effect.

It further said that people can approach bank branches to deposit or exchange the bank notes of Rs 2,000 held by them. This facility will be available till September 30, 2023, added the circular.

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