Demonetisation of Rs. 2000/- How it is different from earlier demonetisation Rs. 500/- & Rs. 1,000/-
However, it may not be hamper the normal person having currency of Rs. 2000/-for the following reason:
- Rs. 2000/- Denomination Banknotes will Continue As Legal Tender. It means that one can purchase the goods or avail it for payment till 30.09.2023. No one can deny the acceptance of Rs. 2000/- as it is continuing to be the legal tender.
- The members of public may deposit Rs. 2000/- Denomination Banknotes without any restriction in their bank account
- Banks may exchange Rs. 2,000/- Banknotes upto a limit of 20,000 Rupees at a time at any bank starting from 23rd May 2023. The facility of exchange shall also be provided at the 19 regional offices of RBI.
One may note that the Reserve Bank of India has now advised banks to stop issuing Rs.2,000/- denomination banknotes with immediate effect. The RBI has asked people to deposit the Rs 2,000 banknotes into their accounts and/or exchange them into banknotes of other denominations at any bank branch. Exchange facility for Rs 2,000 bank notes up to Rs 20,000 at a time would be available from May 23. The RBI has asked banks and designated RBI offices to provide deposit and/or exchange facility for Rs 2,000 notes until September 30, 2023.
Thus banks will not accept Rs 2000 notes from 1st October, 2023. The RBI says that the notes would remain legal tender. However, without banks accepting the notes, the public too will not accept them.
So, unlike 2016 demonetisation which made keeping old Rs 500 and Rs 1000 notes illegal, keeping Rs 2000 notes shall not be illegal. However, without the public accepting it as a means of payment, the notes are expected to be namesake legal tender.