The central bank of India has asked people to deposit or exchange Rs 2,000 banknotes at any bank branch. You can exchange up to Rs 20,000 at a time starting from May 23. Banks will provide this service until September 30, 2023.

The RBI's regional offices will also serve as exchange points until 30th of September. You can deposit the Rs 2,000 notes into your bank account as usual without any restrictions. However, banks will no longer issue Rs 2,000 banknotes.

Even though these notes will be gradually taken out of circulation, they will still be considered legal tender, so you can still use them for transactions and accept them as payment.

The Rs 2,000 notes were introduced in 2016 after the withdrawal of Rs 500 and Rs 1,000 notes. The objective of introducing them was fulfilled when enough banknotes of other denominations became available.

Most of the Rs 2,000 notes were issued before March 2017 and are reaching the end of their lifespan of 4-5 years. The total value of these notes in circulation has decreased over time.

The RBI has observed that this denomination is not commonly used for transactions, and there are enough banknotes of other denominations to meet the public's currency needs. Printing of Rs 2,000 banknotes stopped in 2018-19.

One more thing as per RBI, Deposit into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory / regulatory requirements.

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