"Reserve Bank of India Withdraws ₹2,000 Banknotes"

The Reserve Bank of India has decided to withdraw ₹2,000 banknotes from circulation, following its "Clean Note Policy." The banknotes will remain legal tender, but banks have been instructed to stop issuing them. Individuals can exchange or deposit ₹2,000 banknotes until September 30, 2023. The decision is based on the fact that most ₹2,000 banknotes issued before March 2017 are reaching the end of their estimated lifespan, and the denomination is not commonly used for transactions. Other denominations are deemed sufficient to meet currency demand. The withdrawal does not affect ATM operations.