Rs 2,000 notes to be withdrawn: The Reserve Bank of India (RBI) on Friday announced that Rs 2,000 currency notes will be withdrawn from circulation, however, the existing notes that are in circulation can either be deposited in bank accounts or exchanged by September 30, 2023.
The bank notes in Rs 2,000 denomination will continue to be a legal tender, the RBI said in a statement.
The RBI said that the people can exchange of Rs 2,000 notes into currency notes of other denominations up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023. The RBI has advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect.
Besides, the facility for exchange of Rs 2,000 bank notes up to the limit of Rs 20,000 at a time will be provided at the 19 Regional Offices (ROs) of the RBI having issue departments from May 23.
The Rs 2,000 denomination bank-note was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs 500 and Rs 1,000 bank notes that were in circulation at that time.
With the government withdrawing Rs 2,000 currency notes, let's take a look at how people on social media are reacting to this development.
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