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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