₹2000 Denomination Banknotes withdrawan from Circulation,
But It will continue as Legal Tender
RBI has released circular prescribing guidelines for bankers, regarding the withdrawal of Rs 2000 currency notes from circulation but will continue to legal tender.
As per the guidelines, all banks are required to discontinue the issuance of Rs 2000 denomination banknotes with immediate effect.
The facility for exchanging notes shall be available for members of the public up to September 30, 2023.
Few highlights of RBI Circular are:
- In pursuance of the “Clean Note Policy” of the Reserve Bank of India, the ₹2000 denomination banknotes shall be withdrawn from circulation.
- The facility for deposit and/or exchange of ₹2000 banknotes shall be available for members of the public up to September 30, 2023.
- Deposit into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory / regulatory requirements.
- Members of the public can exchange ₹2000 banknotes up to a limit of ₹20,000/- at a time.
- The ₹2000 banknote will continue to maintain its legal tender status.
- Members of the public can continue to use ₹2000 banknotes for their transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.
- A non-account holder also can exchange ₹2000 banknotes up to a limit of ₹20,000/- at a time at any bank branch.
Disclaimer: The content/information published is only for general information of the reader and shall not be construed as legal advice. While the Taxwealth has exercised reasonable efforts to ensure the veracity of information/content published, Taxwealth shall be under no liability in any manner whatsoever for incorrect information, if any.
