The Reserve Bank of India(RBI) declares to withdraw 2000 rupee notes from circulation. The Reserve Bank of India has issued a notificaton on May 19 2023 and told all banks to stop using 2000 rupee notes immidiately.
The Reserve Bank of India’s (RBI) 19 regional offices will start taking ₹ 2,000 notes for exchange with lower denomination notes from May 23. RBI said it will withdraw ₹ 2,000 notes from circulation and people can exchange or deposit them in their bank accounts by September 30. From November 2016 to September 30 2023, the exsistance of this note seems only for 7 years of short span.
Notably, ₹2000 denomination banknote was introduced in November of the year 2016 primarily to meet the immediate currency requirement of the economy after demonetisation.
Majority of the ₹2000 denomination notes were issued prior to March 2017, have completed their estimated lifespan and are not observed to be commonly used for transactions anymore. In pursuance of Clean Note Policy of RBI, the ₹2000 denomination banknotes shall be withdrawn from circulation.