Farewell, Rs 2000 notes: Cash swap countdown commences

Reserve Bank of India (RBI) has announced the withdrawal of the 2,000 rupee currency notes from circulation, while stating that they will continue to remain as legal tender. This decision was made in an effort to phase out the high-value denomination, which was primarily introduced during demonetization to replenish the value of money being taken out from the system. The RBI has advised banks to cease the issuance of 2,000 rupee banknotes immediately.

Starting from today, members of the public will be able to exchange or deposit their 2,000 rupee notes. However, sources indicate that the exchange facility for these notes will only be available at bank branches and cannot be done through post offices. Customers will have the option to deposit the 2,000 rupee notes since they are still considered legal tender, according to sources.