The 2,000 Rupee Note Gone Is No Demonetisation

The Reserve Bank of India has decided to withdraw the Rs 2,000-rupee note, the central bank said in a statement. However, this is not an act of demonetisation as the Rs 2,000 notes will continue to remain legal tender. The 2,000 denomination notes can be exchanged in any bank. The process will begin from May 23 and will continue till the end of September.

Is the Rs 2,000 note illegal now?
No, the RBI’s decision to withdraw the Rs 2,000 currency note is part of its Clean Notes policy. As such, the currency note will continue to be legal tender. This is not the first time the RBI has decided to withdraw a specific currency note, either. The RBI took a similar decision to withdraw in 2013-14.

What to do if you have a lot of Rs 2,000-rupee notes?
In case a person has a lot of Rs 2,000 notes, they do not need to panic. The notes will not only remain legal tender, but can also be exchanged at any bank. The exchange process begins on May 23 and will go on till September 30. According to the RBI release, in order to complete the exercise of withdrawal in a time-bound manner, and provide adequate time to the members of the public, “all banks shall provide deposit and/or exchange facility for Rs 2,000 notes until September 30, 2023.”