On May 19, 2023, the Reserve Bank of India (RBI) declared that it would stop issuing notes of the 2000 denomination.
According to a statement from the RBI, people can deposit 2000-yen bills into their accounts or swap them for money of other denominations at any bank.
Up until September 30, 2023, the RBI has requested that all banks offer a deposit and exchange service for 2000 banknotes.
From May 23, 2023, 2000 banknotes can be exchanged at 19 Regional Offices (ROs) of the RBI up to a maximum of 220,000/- at a time.
The 72000 denomination will remain legal tender until September 30, 2023, according to the RBI.
The decision was made in accordance with the Reserve Bank of India's "Clean Note Policy."
According to the RBI, "Once banknotes in other denominations became sufficiently accessible in other denominations, the purpose of issuing *2000 banknotes was met. As a result, the production of 12000 banknotes was suspended in 2018–19.
According to the RBI, 89% of banknotes in the denomination of 2000 were printed before March 2017 and are already nearing the end of their anticipated lifespan of four to five years.