RBI withdraws Rs 2,000 notes from circulation; notes remain legal tender

The Reserve Bank unexpectedly announced the withdrawal of Rs 2,000 currency notes from circulation on Friday. However, they granted the people until September 30 to deposit these notes in accounts or swap them at banks.
The old Rs. 500 and Rs. 1,000 notes were suddenly invalidated overnight after the shock demonetisation in November 2016, however the Rs. 2,000 notes will remain legal tender till September 30.
The Reserve Bank of India (RBI) said in a statement that it has instructed banks to stop issuing Rs 2,000 notes immediately.

A maximum of Rs 20,000 (10 notes of Rs 2,000) may be exchanged for other currency notes at a time, while the RBI did not mention a cap on deposits of Rs 2,000 currency notes in bank accounts.
The decision was made in response to worries that the biggest denomination notes would be used to store black money. In 2018–19, the RBI stopped producing the Rs 2,000 notes because they were seldom ever used.

The issuance of the Rs 2,000 bank note in November 2016 was primarily done to quickly address the economy's need for money after all Rs 500 and Rs 1,000 bank notes in use at the time lost their legal tender status.

 Rs. 2,000 denomination note has not been seen frequently being used for transactions, according to the RBI. The stock of bank notes in other denominations is also still sufficient to meet the public's need for currency, it was said.

According to the Reserve Bank of India's "Clean Note Policy," it has been decided to remove the Rs 2,000 denomination bank notes from circulation in light of the aforementioned factors.