Beginning from May 23, 2023, individuals can exchange Rs 2000 banknotes for other denominations up to a limit of Rs 20,000 at any bank, at any time that does not hamper regular banking activities.
Today, the RBI said Rs 2,000 currency notes were introduced primarily with the objective of meeting the currency requirement of the economy in an expeditious manner after scrapping Rs 500 and Rs 1000 banknotes in circulation at that time.
Unlike the November 2016 shock demonetisation when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender till September 30
The RBI said that about 89 percent of the 2,000 denomination banknotes were issued before March 2017 and are at the end of their estimated life span of 4-5 years.