Bye bye, Rs 2,000 banknote! 10 things to know about the bill that has been in circulation for 6 years

BREAKING | Rs 2,000 note to be withdrawn: The RBI has decided to start withdrawing 2,000-rupee notes from circulation, citing "clean note policy". The 2,000-rupee note will remain legal tender. People will be able to deposit the Rs 2,000 note at the bank, or exchange it for notes of smaller denominations up to Rs 20,000 at a time, according to an official statement.

1. RBI 2,000-rupee note exchange/deposit last date

According to the RBI statement, people will be able to deposit their Rs 2,000 notes or exchange them for smaller notes between May 23 and September 30.

2. Rs 2,000 exchange/deposit limit 

Bearers will be able to exchange Rs 2,000 notes worth up to Rs 20,000 (10 notes of 2,000 rupees each) at a time, according to the statement.

3. When was 2,000-rupee banknote introduced?

With the ₹2000 denomination bank notes set to be withdrawn from circulation, there are several Myths surrounding it. Through this series, get to know the Facts related to this decision of @RBI.#MythsVsFacts #MythBusters @nsitharaman @finminindia @ianuragthakur @Murugan_MoS… pic.twitter.com/dHjieNtJ3Y

— Ministry of Information and Broadcasting (@MIB_India) May 21, 2023

The Rs 2,000 note was introduced in November 2016, after the government announced demonetisation of Rs 500 and Rs 1,000 notes.

4. Why was the Rs 2,000 note issued? 

The Rs 2,000 currency note was issued to meet the Indian economy's currency requirement in view of the sudden withdrawal of the Rs 500 and Rs 1,000 notes under the demonetisation drive.

5. Did the Rs 2,000 serve its purpose?

Yes, the goal was achieved as soon as the notes in other denominsations underwent circulation in sufficient quantities.

6. Was the Rs 2,000 notes being printed all this while?

No, the printing of the Rs 2,000 note was stopped in the year 2018-19.

ALSO READ: BIG RBI ANNOUNCEMENT | Banks told to stop issuing 2,000-rupee currency notes with immediate effect

7. Is this the first such move?

No, the RBI had undertaken a similar withdrawal of notes in 2013-2014.

8. What is the process to deposit the Rs 2,000 note?

According to the RBI, the deposit can be made on the given dates in the usual manner, without any restrictions and "subject to extant instructions and applicable statutory provisions".

9. Why is there a limit on the exchange?

The RBI has restricted the exchange of the Rs 2,000 note for notes of smaller denominations at the bank to 10 at a time (Rs 20,000 in value) in order to ensure operational convenience and to avoid disruption of regular activities at the bank branches. 

10. What are the key features of the Rs 2,000 note? 

The Rs 2,000, measuring 66 millimeters by 166 millimeters, is Magenta in colour with an image of Mahatma Gandhi along with the Ashoka Pillar emblem on the obverse, and a motif of the Mangalyaan on the reverse along with the logo of Swachh Bharat Abhiyan.

(This is a developing story. More details will be added shortly)