Reserve Bank of India Withdraws Rs 2,000 Banknote
The RBI has announced the withdrawal of the Rs 2,000 banknote from circulation while maintaining its legal tender status. Here’s what you need to know about the withdrawal:
- Last Date for Exchange/Deposit The RBI has set a deadline for people to deposit or exchange their Rs 2,000 notes at the bank. The process will be open from May 23 to September 30.
- Exchange/Deposit Limit Individuals can exchange or deposit Rs 2,000 notes up to a maximum value of Rs 20,000 (10 notes of Rs 2,000 each) at a time.
- Introduction of the Rs 2,000 Note The Rs 2,000 banknote was introduced in November 2016 following the demonetization of Rs 500 and Rs 1,000 notes.
- Purpose of Issuance The issuance of the Rs 2,000 note aimed to meet the currency requirement during the demonetization period and facilitate transactions.
- Achievement of Goal The objective of introducing the Rs 2,000 note was fulfilled as other denominations became widely available.
- Printing of Rs 2,000 Note The printing of Rs 2,000 notes ceased in the fiscal year 2018-19.
- Previous Similar Withdrawals The RBI has previously undertaken similar withdrawals of banknotes in 2013-2014.
- Deposit Process Depositing the Rs 2,000 note can be done in the usual manner, without any restrictions, following existing instructions and statutory provisions.
- Exchange Limit Reason The exchange limit is set to 10 notes (Rs 20,000) to ensure operational convenience and prevent disruption at bank branches.
- Key Features of the Rs 2,000 Note The Rs 2,000 note is magenta in color and measures 66mm by 166mm. It features an image of Mahatma Gandhi and the Ashoka Pillar emblem on the obverse, while the reverse side displays a motif of the Mangalyaan spacecraft and the Swachh Bharat Abhiyan logo.
With these guidelines, the RBI aims to streamline the currency composition and ensure an adequate supply of other denominations to meet public demand effectively.