New Delhi: Exchanging Rs 2,000 notes up to a limit of Rs 20,000 at a time is permitted as part of the operation to withdraw high-value currency notes from circulation without the need for a form or demand slip.
The Reserve Bank of India (RBI) made the unexpected announcement on Friday that the Rs 2,000 currency notes would be removed from circulation on September 30, although the public was given until that date to deposit or exchange the notes.
The Rs 2,000 notes will continue to be legal cash, in contrast to the unexpected demonetisation of November 2016, which rendered the old Rs 500 and Rs 1,000 notes illegal overnight.—Inputs frrom gencies