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India pulls Rupee 2,000 notes out of circulation by 30 Sep 2023

The Reserve Bank of India (RBI) has notified on 19 May 2023 that everyone should swap or deposit Rs 2,000 notes before 30th September 2023. The RBI said India`s biggest denomination notes would still be accepted as legal cash until September 30. But, Rs 2,000 notes can be deposited or exchanged in banks with a cap of "Rs 20,000 at a time". Meanwhile, the 19 regional offices of the RBI with issue divisions will additionally offer the ability to swap notes worth Rs 2,000 up to a maximum of Rs 20,000 at a time. RBI has reportedly said that Rupee 2,000 notes did not make up a significant portion of the currency in circulation. Even during their peak of use, and only make up 10%–11% of it today. The RBI estimates that 89% of the Rs 2,000 denomination notes were printed before March 2017 and are nearing the end of their four- to five-year expected lifespan. Similar efforts to remove notes from circulation were made by the RBI in 2013–2014.
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