RBI has decided to withdraw Rs 2000 note from circulation with immediate effect. Jan Ki Baat will answer your questions on this big move by RBI:
The Reserve Bank will withdraw the 2000 note from circulation, but the existing notes will not be invalid. 2 thousand note came in the market in November 2016. Then Prime Minister Narendra Modi had closed 500 and 1000 notes. Instead, a new note of 500 and 2000 was issued in the new pattern. RBI has stopped printing 2000 notes from the year 2018-19.
RBI has instructed banks to exchange 2000 notes from May 23 to September 30. At a time only notes of maximum value of twenty thousand rupees will be changed. But, there will be no limit on depositing these notes in the account. Banks will not issue 2000 notes from now onwards.
This position is to be held till September 30, 2023. However, the RBI has directed banks to stop issuing Rs 2,000 notes.
Q1: What is the last date for exchange/deposit of Rs 2,000 notes of RBI?
According to the RBI statement, people will be able to deposit their Rs 2,000 notes or exchange them for smaller notes between May 23 and September 30.
Q2: Can you still use Rs 2000 note?
Yes, as per RBI, ‘Rs 2000 denomination banknotes will continue to be legal currency*
This position is to be held till September 30, 2023. However, the RBI has directed banks to stop issuing Rs 2,000 notes.
Q3: What is the Rs 2,000 exchange/deposit limit?
Holders will be able to exchange Rs 2,000 notes (10 notes of Rs 2,000 each) up to Rs 20,000 at a time, according to the statement.
Q4:When was the Rs 2,000 bank note introduced?
The Rs 2,000 note was introduced in November 2016 after the government announced the demonetisation of Rs 500 and Rs 1,000 notes.
Q5: Why was the 2000 rupee note issued?
The Rs 2,000 note was issued to meet the currency requirement of the Indian economy in the wake of the sudden withdrawal of Rs 500 and Rs 1,000 notes as part of the demonetisation drive.