The Reserve Bank of India (RBI), on May 19, decided to withdraw ₹2,000 denomination banknotes from circulation. However, the banknotes in ₹2,000 denomination will continue to be legal tender.
The Reserve Bank of India (RBI) has advised banks to stop issuing Rs. 2,000 denomination banknotes with immediate effect, the central bank said in a press release on May 19, 2023.
The facility for deposit into accounts and exchange for ₹2000 banknotes will be available at all banks until 30 September 2023. The facility for exchange will be available also at the 19 Regional Offices (ROs) of RBI having Issue Departments1 until 30 September 2023.
The RBI added that members of the public may deposit ₹2000 banknotes into their bank accounts and/or exchange them for banknotes of other denominations at any bank branch. 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
In a Press Release, it was told that the Deposit into accounts can be made without restrictions. The ₹2000 banknotes can be deposited into bank accounts and cash requirements can be drawn thereafter, against these deposits.
Banks have been instructed to make arrangements to reduce inconvenience to senior citizens, persons with disabilities, etc., seeking to exchange/deposit ₹2000 banknotes.
For redress of grievance in case of deficiency of service, the complainant/aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days after lodging the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI (cms.rbi.org.in).