Rs 2,000 notes exchange: Know one-time exchange limit, other guidelines

The Reserve Bank of India has decided to withdraw the ₹2000 denomination banknotes from circulation.

However, the central bank has said that the currency notes will continue to be legal tender till September 30. 

Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions.

Members of the public will be allowed to deposit Rs 2,000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch. 

Exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.

This change has been brought about in pursuance with RBI's “Clean Note Policy”, RBI said in its communique.