RBI Circular on Rs 2000 Notes Withdrawal from Circulation – PDF Download

RBI Guidelines on ₹2000 Denomination Banknotes Withdrawal from Circulation – PDF Download

The Reserve Bank of India has decided to withdraw the ₹2000 denomination banknotes from circulation in pursuance of the “Clean Note Policy”. However, the banknotes will continue to be legal tender. Banks must discontinue issuing the banknotes and reconfigure ATMs and Cash Recyclers accordingly. The facility for deposit and/or exchange of ₹2000 banknotes will be available for the public until September 30, 2023, subject to compliance with KYC norms and other applicable statutory requirements.

View Rs 2000 Withdrawn RBI Circular in PDF Format

The Reserve Bank of India (RBI) introduced the ₹2000 denomination banknote in November 2016 to meet the immediate currency requirement of the economy after the withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time.

However, as the objective of introducing the ₹2000 denomination has been fulfilled, and with the availability of banknotes in other denominations in adequate quantity, the printing of ₹2000 banknotes was stopped in 2018-19. The majority of the ₹2000 denomination notes issued prior to March 2017 have completed their estimated lifespan and are not commonly used for transactions anymore.

Therefore, in pursuance of the “Clean Note Policy” of the RBI, it has been decided to withdraw ₹2000 denomination banknotes from circulation. It is important to note that the ₹2000 banknotes will continue to be legal tender. The banks shall follow a plan of action to implement this decision, which includes discontinuing the issue of ₹2000 denomination banknotes, reconfiguring ATMs/cash recyclers accordingly, and ensuring that no withdrawal of ₹2000 denomination is allowed from currency chests.

How to Exchange Rs.2000 in Banks

From May 23, 2023 onward, individuals in possession of Rs. 2000 notes may exchange them for other denominations at any bank branch. The Reserve Bank of India (RBI) has declared that these notes will continue to be recognized as legal tender beyond September 30, 2023.

The deposit and exchange facility for ₹2000 banknotes will be available to members of the public until September 30, 2023. Deposits into accounts with all banks can be made in the usual manner, without restrictions, and in compliance with Know Your Customer (KYC) norms and other applicable statutory requirements. Banks must also comply with Cash Transaction Reporting (CTR) and Suspicious Transaction Reporting (STR) requirements if applicable. All banks must provide an exchange facility for ₹2000 banknotes to all members of the public through their branches. To minimize inconvenience, ensure operational convenience, and avoid disrupting regular branch activities, all banks may exchange ₹2000 banknotes up to a limit of ₹20,000/- at a time.