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The Central Bank of India has said that the circulation of Rs 2000 notes is about to end, and citizens can exchange or deposit these notes until September 30.
According to NDTV, 19 regional offices of the Reserve Bank of India (RBI) and other banks will start issuing small notes instead of Rs 2,000 notes on May 23.

The RBI has informed all banks to immediately stop issuing Rs. 2000 notes.
In the year 2016, when Indian Prime Minister Narendra Modi abolished Rs 1,000 and Rs 500 notes overnight, the RBI started printing Rs 2,000 notes on November 16, 2016.

The Reserve Bank of India has said in its statement that ‘the objective of introducing Rs. 2000 notes was achieved when the number of small notes was met and they became available in large numbers. That is why the printing of Rs. 2000 notes was stopped between 2018 and 2019.

The limit for converting two thousand rupee notes into small notes has been fixed at 20 thousand rupees, which can be exchanged at a time from any bank starting May 23.

The Central Bank has said that citizens can exchange or deposit Rs 2,000 notes for small notes until September 30.
About 89 percent of the Rs 2,000 notes were issued before March 2017 and are close to completing their four- to five-year tenure, the RBI added. As of March 31, 2018, the total value of these banknotes in circulation was Rs. 6.73 lakh crore, while on March 31, 2023, after only 10% of the notes were in circulation, it was Rs. 3.62 lakh crore.

The Central Bank says the note is not normally used for transactions. The RBI had demonetized such notes during 2013–2014.

By Admin