{"id":292675,"date":"2023-05-19T21:29:27","date_gmt":"2023-05-19T15:59:27","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=292675"},"modified":"2023-05-20T10:55:16","modified_gmt":"2023-05-20T05:25:16","slug":"rbi-withdraws-rs-2000-denomination-banknotes-from-circulation","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/05\/19\/rbi-withdraws-rs-2000-denomination-banknotes-from-circulation\/","title":{"rendered":"RBI withdraws Rs. 2000 banknotes from circulation"},"content":{"rendered":"
\n

On 19-5-2023, the Reserve Bank of India (\u2018RBI\u2019) withdrew Rs. 2000 Denomination Banknotes from Circulation in pursuance of the \u201cClean Note Policy\u201d. It was specified that it will still continue as Legal Tender.\u00a0<\/p>\n

Key Points:<\/b>\u00a0<\/p>\n

    \n
  1. \n

    RBI has directed to deposit the Rs. 2000 denomination banknotes in the bank accounts and\/ or exchange them into banknotes of other denominations at any bank branch.<\/p>\n<\/li>\n

  2. \n

    To avoid regular activities of bank branches, the exchange can be made up to a limit of Rs. 20,000 at a time at any bank starting from 23-5-2023.<\/p>\n<\/li>\n

  3. \n

    This facility of exchange will be provided until 30-9-2023 for which guidelines have been issued to the banks.<\/p>\n<\/li>\n

  4. \n

    The facility of exchange will also be provided in 19 Regional Offices of RBI.\u00a0<\/p>\n<\/li>\n

  5. \n

    RBI has directed all the banks to stop issuing Rs. 2000 banknotes with immediate effect.\u00a0<\/p>\n<\/li>\n<\/ol>\n

    Note: <\/b>Rs. 2000 denomination notes were introduced in the year 2016 to meet currency requirements of the economy after the legal tender of Rs.500 and Rs.1000 banknotes were withdrawn. Printing of Rs. 2000 banknotes were stopped in the year 2018-2019 after adequate quantities were circulated in the economy. It was observed by the RBI that these notes were not commonly used for transactions.\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    RBI has directed to deposit the Rs. 2000 denomination banknotes in the bank accounts and\/ or exchange them into banknotes of other denominations at any bank branch<\/p>\n","protected":false},"author":67515,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[57756,57757,2611,57758],"class_list":["post-292675","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news","tag-banknotes","tag-legal-tender","tag-RBI","tag-rs-2000"],"yoast_head":"\nRBI withdraws Rs. 2000 banknotes from circulation | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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High Court dismisses PIL seeking quashing of RBI notification regarding withdrawal of 2000 banknotes from circulation","author":"Arunima","date":"July 6, 2023","format":false,"excerpt":"Delhi High Court observed that the decision is not to demonetize Rs. 2000 bank notes but only a direction to the banks to desist from issuing Rs. 2000 denomination notes to its customers and to ensure that no withdrawal of Rs. 2000 denomination notes is allowed from the banks holding\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"delhi high court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/delhi-high-court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/delhi-high-court.webp?resize=350%2C200&ssl=1 1x, 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2023","format":false,"excerpt":"On 30-9-2023, the Reserve Bank of India (\u2018RBI\u2019) announced that with effect from 8-10-2023, the deposit or exchange of Rs. 2000 banknotes will be stopped at the Bank Branches. Key Points: Starting from 8-10-2023, the procedure for deposit or exchange will be as follows: The deposit or exchange at bank\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"rbi","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":294385,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/12\/rs-2000-notes-exchange-orissa-hc-dismissed-petition-challenging-rbi-notification\/","url_meta":{"origin":292675,"position":3},"title":"\u2018PIL must be used as an effective weapon in armory of law for delivering social justice to the citizens\u2019; Orissa HC dismisses petition challenging Rs. 2000 Notes Exchange","author":"Editor","date":"June 12, 2023","format":false,"excerpt":"A publicity interest litigation should be nipped in the bud so that valuable time of the Court is saved which can be effectively utilized in reducing huge pendency of cases.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"orissa high court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/orissa-high-court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/orissa-high-court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/orissa-high-court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/orissa-high-court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":258893,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/22\/anatomy-of-indian-currency\/","url_meta":{"origin":292675,"position":4},"title":"Anatomy of Indian Currency","author":"Bhumika Indulia","date":"December 22, 2021","format":false,"excerpt":"by Pramod Rao\u2020","rel":"","context":"In "Op Eds"","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/12\/MicrosoftTeams-image-184.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/12\/MicrosoftTeams-image-184.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/12\/MicrosoftTeams-image-184.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/12\/MicrosoftTeams-image-184.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/12\/MicrosoftTeams-image-184.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":85991,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/16\/rbi-updated-faqs-on-withdrawal-of-specified-bank-notes\/","url_meta":{"origin":292675,"position":5},"title":"RBI: Updated FAQs on Withdrawal of Specified Bank Notes","author":"Saba","date":"November 16, 2016","format":false,"excerpt":"FAQs on Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of Rs 500\/- and Rs 1000\/-\u00a0[Updated as on November 16, 2016] 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. 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