Correct Answer : Option (D) - 19 May 2023
The Reserve Bank of India (RBI) on Friday (19th May 2023) announced the withdrawal of ₹2,000 currency notes from circulation, but said that they will continue to be legal tender.
* People possessing these notes can deposit them in their bank accounts or get them exchanged from 23rd May 2023 to 30 September 2023, the central bank said in a statement.
* In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023.
* The RBI has also advised banks to stop issuing ₹2,000 denomination banknotes with immediate effect. About 89% of the ₹2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years.
* The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of notes in circulation) to ₹3.62 lakh crore constituting only 10.8% of notes in circulation as on March 31, 2023.
* The facility for exchange of ₹2,000 banknotes upto the limit of ₹20,000/- at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023..
Source : Business Insider
