The Reserve Bank of India (RBI) on Friday introduced that Rs 2,000 foreign money notes might be withdrawn from circulation, nevertheless, the notes will proceed to be authorized tender until September 30, a press release stated. RBI has requested banks to offer deposit and/or trade amenities for Rs 2,000 notes till September 30, 2023.
What you have to find out about RBI withdrawing Rs 2,000 foreign money notes
- The banks will not difficulty Rs 2,000 foreign money notes.Â
- There isn’t any have to panic as Rs 2,000 will proceed to stay authorized tender until September 30, 2023.Â
- People can deposit, and trade Rs 2,000 foreign money notes with banks until September 30, 2023.
- Exchange facility for Rs 2,000 notes as much as Rs 20,000 at a time can be out there from May 23.
- The reserve financial institution has requested banks to cease issuing Rs 2,000 notes with rapid impact.
The Rs 2,000 denomination financial institution be aware was launched in November 2016, primarily to fulfill the foreign money requirement of the economic system in an expeditious method after the withdrawal of authorized tender standing of all Rs 500 and Rs 1,000 financial institution notes that have been in circulation at the moment.
The complete worth of those 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 solely 10.8% of notes in circulation on March 31, 2023.
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