The Reserve Bank of India, in its notification dated May 19, 2023, announced the withdrawal of Rs 2,000 note from circulation. The RBI asked the public to deposits and/or exchange the Rs 2000 currency notes by September 30, 2023. However, the notification did not clarified what will happen if an individual is not able to deposit or exchange Rs 2000 note by September 30. Do note that Rs 2000 note continues to remain legal tender.
About three-fourths of Indians are choosing to deposit the recently withdrawn 2000-rupee notes into bank accounts so far rather than exchanging them for smaller denominations, with the trend likely to boost bank deposits, bankers said.
On May 19, the RBI had announced withdrawal of Rs 2,000 currency notes from circulation, and said existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.