Notebandi 2.0: Exchange or deposit Rs 2,000 notes by September 30

The Reserve Bank of India (RBI) has withdrawn the circulation of the Rs 2,000 denomination banknotes.  People do not need to worry, as the banknotes will remain legal tender till the deadline for depositing or withdrawing the Rs 2,000 banknotes which is September 30. 

People can go to any bank and either deposit or exchange the Rs 2,000 banknotes on or before September 30. RBI has asked the banks to allow the exchange of other denomination banknotes in exchange for Rs 2,000 denomination notes up to Rs 20,000 at one time. 

The withdrawal of the Rs 2,000 banknotes has been announced keep in mind that 89 per cent of the notes printed in 2018 have now reached the end of their lifespan. Also, the purpose of bringing the Rs 2,000 denomination notes was to meet the currency need of the country which has been met now and hence the printing of these notes was stopped in 2018-19. 

While people may think of this as another attempt on demonetisation. But it is not another demonetisation and people can use the Rs 2,000 notes till September 30. 

Read: Rs 2,000 banknote withdrawn from circulation: Why it happened, everything explained