RBI withdraws Rs 2000 note LIVE UPDATES: The Reserve Bank of India has determined to withdraw the Rs 2,000 denomination banknotes from circulation however they may proceed to stay as authorized tender. It has suggested banks to cease issuing Rs 2,000 denomination banknotes with fast impact. Meanwhile, RBI mentioned that residents will proceed to have the ability to deposit Rs 2000 banknotes into their bank accounts and/or change them into banknotes of different denominations at any bank department as much as September 30, 2023.The Rs 2000 denomination banknote was launched in November 2016, primarily to satisfy the forex requirement of the financial system in an expeditious method after the withdrawal of the authorized tender standing of all Rs 500 and Rs 1000 banknotes in circulation at the moment.The goal of introducing Rs 2000 banknotes was met as soon as banknotes in different denominations grew to become available in satisfactory portions. Therefore, the printing of Rs 2000 banknotes was stopped subsequently in 2018-19, said RBI.About 89 per cent of the Rs 2000 denomination banknotes had been issued previous to March 2017 and are on the finish of their estimated life span of four-five years.
