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Reserve Bank of India Withdraws Rs 2000 Banknotes from Circulation as Part of "Clean Note Policy"

The Reserve Bank of India (RBI) has announced that the Rs 2000 denomination banknotes will be withdrawn from circulation as part of its "Clean Note Policy," but they will still be legal tender and can be exchanged until September 30, 2023, with a limit of Rs 20,000 for a single exchange.

The RBI stated that most of the notes had completed their estimated lifespan, and the withdrawal of Rs 2000 denomination banknotes would mean that Rs 500 notes would be the highest denomination currency in circulation.

The Rs 2,000 notes were introduced to meet the immediate currency requirement of the economy after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation in November 2016.

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