The Reserve Bank of India (RBI) has announced that it will withdraw the Rs 2,000 denomination banknotes from circulation, but they will still be considered legal currency. The RBI has set a deadline of September 30, 2023, for people to exchange or deposit these notes.
This decision is part of the RBI’s “Clean Note Policy” and is based on the fact that most of the Rs 2,000 notes currently in circulation were issued before March 2017 and have a lifespan of about 4-5 years. The total value of these notes in circulation has decreased over time, and they are not commonly used for transactions. The RBI assures that there are enough notes of other denominations available to meet the public’s currency needs.
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