The Reserve Bank of India (RBI) has confirmed that the high-denomination notes will continue to be considered legal tender even after September 30, 2023, clearing up any potential confusion regarding their status. The public can continue to use 2000 banknotes for typical transactions, according to the RBI’s Frequently Asked Questions (FAQs). There are no limitations on who can use them for their own transactions or accept them as payment.
However, the RBI encourages the public to deposit and/or exchange their Rs. 2000 banknotes on or before September 30, 2023.
“Rs. 2000 currency note will remain legal tender after September 30 too. RBI expects that 4 month time is enough for people to exchange notes with the banks. Most of the Rs. 2000 notes that are in circulation will return to banks within the given time frame of September 30. This is a routine exercise of RBI and people need not panic,” as per sources.
To facilitate the process, the central bank has advised the public to approach their respective bank branches after May 23, 2023, for depositing and/or exchanging the Rs. 2000 denomination banknotes they hold. The facility for depositing into accounts and exchanging for Rs. 2000 banknotes will be available at all banks until September 30, 2023.