The withdrawal of Rs 2000 notes has seen throngs of customers flocking to malls, jewellery stores, petrol pumps, while real estate experts have seen a spurt in land deals and secondary market apartment sales.   On 19 May 2023, RBI decided to withdraw the Rs 2000 denomination banknotes from circulation. In value term, the share of 2000 denomination notes (Rs 3.62 lakh crore) was at 10.8% as on…

Reserve Bank of India (RBI) has announced its decision to withdraw the Rs 2,000 denomination notes from circulation. The move is aimed at addressing concerns regarding the excessive availability and use of high-value currency notes in illegal activities. The RBI has also provided a window for the public to exchange their existing Rs 2,000 notes until September 30th. RBI has allowed the public to exchange their existing Rs 2,000 notes at banks and authorized financial institutions until September 30th.

This exchange facility will enable individuals holding these notes to convert them into lower denomination currency or deposit them in their bank accounts. However, after the specified deadline, the Rs 2,000 notes will no longer be accepted for exchange or used for transactions.