"RBI Withdraws ₹2,000 Notes, Sets ₹20,000 Exchange Limit for Smooth Transition."

The Reserve Bank of India (RBI) has made an announcement regarding the withdrawal of ₹2,000 currency notes from circulation. However, the existing ₹2,000 notes will still be considered valid legal tender. People can either deposit these notes into their bank accounts or exchange them for other denominations until September 30.

To ensure convenience and prevent disruptions at bank branches, the RBI has set a limit for exchanging ₹2,000 notes. Starting from May 23, 2023, individuals can exchange up to ₹20,000 worth of ₹2,000 notes at a time in any bank. Banks have been instructed to stop issuing ₹2,000 notes immediately.

Additionally, the RBI's 19 Regional Offices will provide the facility to exchange ₹2,000 notes up to the limit of ₹20,000 at a time starting from May 23.

The ₹2,000 denomination notes were introduced in November 2016 to meet the immediate currency requirements after the withdrawal of ₹500 and ₹1,000 notes.

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