Rs 2,000 note withdrawn
After being introduced with so much fanfare in 2008 after demonetisation was announced by the Narendra Modi government, with the assurance that it would help in curbing black money and corruption, and after various data coming out from none other a source than the Reserve Bank of India (RBI) showing it was never achieved, the Rs 2000 note has been officially announced as being withdrawn.
Of course, the note was no longer being printed for a long time, the government having admitted as much in parliament last year.
The RBI announced its decision today, adding that all Rs 2,000 currency notes must be exchanged before September 30, 2023. However, the Rs 2,000 notes will remain legal tender but the central bank is expecting that the large majority of the notes would have been exchanged by that date.
The exchange of Rs 2,000 notes into notes of other denominations can be made up to a limit of Rs 20,000 at a time at any branch starting from May 23.
