RBI has set a limit of Rs 20,000 at a time for exchanging or depositing notes in the Banks
NEW-DELHI: The Reserve Bank of India (RBI) on Friday (May 19) announced the withdrawal of Rs 2,000 notes, from circulation. The Declaration said that the notes will continue to be legal tender. The RBI asked people to exchange or deposit existing Rs 2,000 notes in banks until September 30.
As per the order, the RBI has set a limit of Rs 20,000 at a time for people for exchanging or depositing notes in the banks. The Central Bank advised the public to deposit Rs 2,000 notes into their bank accounts or exchange them into notes of other denominations at any bank branch. It also advised banks to stop issuing Rs 2,000 notes with immediate effect.
Notably, Rs 2,000 notes were introduced during demonetisation in November 2016, when Rs 500 and Rs 1,000 notes were withdrawn.
In a statement, RBI said, "In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2,000 banknotes can be made up to a limit of Rs 20,000 at a time, at any bank starting from May 23. To complete the exercise in a time-bound manner and to provide adequate time to the members of public, all banks shall provide deposit and/ or exchange facility for Rs 2,000 banknotes until September 30, 2023."
The statement further said, "Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions."
