RBI stopped the circulation of Rs.2000 notes. What to do now ? What should be the next Steps ?

The RBI has announced that the circulation of Rs. 2000 notes will be stopped and has advised holders to deposit or exchange the notes with smaller currency notes by September 30, 2023.

However, the central bank has also clarified that the trade with Rs. 2000 notes will continue to be legal tender even after September 30.

Why RBI decided to stop the circulation of Rs. 2000 notes?

In an official statement, RBI said it introduced Rs. 2000 notes to the market in 2016 during demonetisation to complete the absence of other denominations notes. As of now, other denominations are available in adequate quantities. RBI decided to stop the circulation. And printing of notes was stopped in 2018-2019.

How can we exchange or deposit the notes?

Holders can exchange or deposit the note at any nearest bank or post office till September 30, 2023. The facility of depositing or exchanging will begin after May 23.

Is there any limit to how much amount can be exchanged?

"To ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹ 2,000 banknotes into banknotes of other denominations can be made up to a limit of ₹ 20,000 at a time at any bank starting from May 23, 2023," the RBI said.