RBI Withdraws Rs 2,000 Banknotes

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The Reserve Bank of India (RBI) has decided to withdraw the Rs 2,000 banknotes from circulation.

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The banknotes of Rs 2,000 denomination will still be considered legal tender.

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Banks have been instructed to cease issuing Rs 2,000 notes immediately.

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The rationale behind this move is that other denominations of banknotes are available in sufficient quantities.

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The withdrawal process allows individuals to exchange or deposit Rs 2,000 notes until September 30, 2023.

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Members of the public can continue using Rs 2,000 banknotes for transactions and receiving payments.

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Finance Secretary TV Somanathan stated that the aim is to encourage digital transactions, and smaller denominations will be promoted.

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Depositing Rs 2,000 banknotes into bank accounts or exchanging them for other denominations will be free of charge.

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The exchange of Rs 2,000 banknotes into other denominations can be done at banks and RBI's Regional Offices up to specified limits.

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