The ₹2000 banknotes will be withdrawn from circulation but will remain as legal tender

The ₹2000 banknote was introduced in November 2016 after the withdrawal of ₹500 and ₹1000 banknotes. Its objective was fulfilled when other denominations became available, and printing was stopped in 2018-19.

-  Around 89% of the ₹2000 banknotes were issued before March 2017 and are reaching the end of their estimated lifespan. The value of these banknotes in circulation has decreased significantly.

- The denomination is not commonly used for transactions, and an adequate stock of other denominations is available to meet currency requirements.

- To align with the "Clean Note Policy," the ₹2000 banknotes will be withdrawn from circulation while remaining legal tender.

- The public can deposit or exchange ₹2000 banknotes at any bank branch until September 30, 2023, with a limit of ₹20,000 at a time starting from May 23, 2023.

- The 19 Regional Offices of RBI will also provide exchange facilities for ₹2000 banknotes.

- Banks are advised to stop issuing ₹2000 banknotes immediately.

- The public is encouraged to utilize the time until September 30, 2023, to deposit or exchange their ₹2000 banknotes. FAQs are available on the RBI website for more information.

[ Yogesh Dayal (Chief General Manager) ; Press Release: 2023-2024/257 ]