The Reserve Bank of India (RBI) on May 19, 2023 announced the withdrawal of the ₹2000 denomination notes from circulation
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RBI announced that the public may deposit ₹2000 banknotes into their bank accounts or exchange them into other denominations at any bank
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RBI has asked all banks to provide deposit and exchange facility for ₹2000 banknotes until September 30, 2023
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One can exchange ₹2000 banknotes up to the limit of ₹20,000/- at a time at 19 Regional Offices (ROs) of RBI from May 23, 2023
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The RBI said, "The ₹2000 denomination will continue to be legal tender till September 30, 2023"
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The decision was taken according to the 'Clean Note Policy' of the Reserve Bank of India
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RBI stated, "The objective of introducing ₹2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of ₹2000 banknotes stopped in 2018-19"
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RBI stated that about 89% of the ₹2000 denomination banknotes were issued prior to March 2017 and have arrived at the end of their estimated life-span of 4 to 5 years
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The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of the RBI Act, 1934