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2000 Rupee Note BAN - Everything You Need To Know

In accordance with Section 24(1) of the RBI Act, 1934, the Rs 2000 denomination banknote was first issued in November 2016 with the primary goal of quickly addressing the economy's need for currency following the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in use at the time. The printing of Rs. 2000 banknotes was discontinued in 2018–19 due to the achievement of that goal and the ample supply of banknotes in other denominations.

The Reserve Bank of India has decided to stop issuing currency in the amount of Rs 2,000 and has ordered everyone to swap their notes by September 30, 2023. Following this, ATMs stop 2000 Rupee Note Dispensing to the general public. However, the 2000 Rupee Note would still be accepted as legal money.

In the following section, we will explain why the RBI Withdraws 2000 Rupees Note and what you need to do.



Why Are The 2000 Rupee Note Withdrawn


The RBI states that the purpose of the November 2016 introduction of the 2000 Rupee Note was "primarily to meet the currency requirement of the economy in a timely manner following the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation."

The printing of 2000 Rupee Note was stopped already by 2019. Hence, the majority of Rs. 2000 notes that we see rolling were printed before March 2017 and are already nearing the end of their predicted life of 4-5 years.

The RBI has noted that transactions in this denomination are uncommon. Additionally, the supply of banknotes in other denominations is still sufficient to fulfill the public's demand for cash.

In light of those as mentioned earlier and in accordance with the "Clean Note Policy" — a policy set by the RBI to guarantee that the general population has access to high-quality banknotes — the central bank made the decision to remove the 2000 Rupee note from circulation.

What Should You Do With Your 2000 Rupee Note Cash?


Do you have 2000 Rupee Note and are unsure what to do with them or why you shouldn't be alarmed? Here are some things to remember.

  • First, enough time has been allowed for the public to follow the instructions in order to guarantee that the entire exercise is carried out quickly and within the allotted time. As a result, the distribution of these notes will end only after September 30, 2023.

  • In the interim, you can still conduct transactions with and get paid with 2000 notes. Nevertheless, ensure that the deposit is made before the cutoff.

  • Before September 30, 2023, you can go to any bank, whether or not you have an account there, and exchange your 2000 rupee note.

  • The standard procedure can be followed to deposit 2000-note bills without any restrictions, provided that all Know Your Customer (KYC) regulations are followed, and other applicable legal requirements are met. You can use these deposits to cash them out eventually.

  • The 19 RBI Regional Offices (ROs) with Issue Departments will also provide the currency exchange service.

2000 rupee note ban
2000 rupee

Is There A Maximum Amount That May Be Exchanged For Money In Your Bank Account?


Subject to adherence to current Know Your Customer (KYC) rules and other applicable legislative/regulatory obligations, deposits into bank accounts may be made without limits. However, you can only exchange ten banknotes totaling Rs 2000 (up to a maximum of Rs 20,000) at a time.

Does The Amount That May Be Placed Have A Cap As Well?

No. Account deposits are permissible without limitations. The Rs 2000 banknotes may be put into bank accounts, and any further cash withdrawals may be made in relation to these deposits.

Do Non-Account Holders Have The Option To Exchange?

At any bank location, anyone—including those without an account—can exchange up to 20,000 rupees worth of Rs 2000 bills at once. In the event that a bank declines, complaints must be filed in writing with the relevant bank. The complainant may then file a complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021, at the RBI's Complaint Management System portal (cms.rbi.org.in), if the bank does not respond within 30 days of receiving the complaint or if the complainant is not satisfied with the response or resolution provided by the bank.


2000 rupee note

But Will You Still Be Able To Use The Notes?

Yes. The Rs 2000 notes will continue to be accepted as legal money. The general people may still transact with and be paid in Rs 2000 banknotes. However, according to the RBI, they are urged to deposit and/or Exchange 2000 Rupee Note by September 30, 2023, at the latest.


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