Individuals holding Rs 2000 notes can now either exchange them for other denomination notes from a bank or deposit the same into their bank accounts. Suppose, you make a cash deposit of Rs 30,000 in Rs 2000 banknotes into your bank account. And 15 days later, you make another cash deposit of Rs 40,000 in Rs 2000 banknotes into that same bank account. Along with depositing, an individual also has the option to exchange Rs 2,000 notes. The central bank has taken the decision to withdraw Rs 2000 notes from circulation as a part of its clean money policy while maintaining that Rs 2000 note continues to be a legal tender.

Source: Economic Times May 24, 2023 13:11 UTC