RBI withdraws Rs 2,000 notes from circulation, exchange them by September 30

The Reserve Bank of India has announced its decision to withdraw Rs 2,000 notes from circulation and has asked citizens to exchange them at banks by September 30.

All banks have been asked to provide deposit or exchange facilities for Rs 2,000 banknotes till September 30.

In a statement, the Reserve Bank of India (RBI) said it has asked banks to stop issuing Rs 2,000 notes with immediate effect.

While the RBI did not specify a limit for depositing the Rs 2,000 currency notes in bank accounts, exchange of a maximum of Rs 20,000 (10 notes of Rs 2,000) for other currency notes will be allowed at a time.