The ₹2000 rupee note will no longer be in use by the RBI but will still be accepted as legal tender till Sept 30, 2023
Banks asked to stop issuing Rs 2,000 notes with immediate effect
“In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023″, RBI
In November 2016, the ₹2000 denomination banknote was launched in accordance with Section 24(1) of the RBI Act, 1934, principally to swiftly address the economy’s need for cash following the withdrawal of the legal tender status of the ₹500 and ₹1000 banknotes in use at the time.
The apex bank said those holding them can get the notes exchanged with currency of other denominations. The facility will be available at any bank starting from May 23, 2023. “The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as on March 31, 2018, (37.3% of notes in circulation) to Rs 3.62 lakh crore constituting only 10.8% of notes in circulation