However, it is important to note that, beginning from May 23, 2023, individuals can exchange Rs 2000 banknotes for other denominations up to a limit of Rs 20,000 at any bank, at any time that does not hamper the regular banking activities.
The Reserve Bank of India (RBI) has said that it will withdraw the Rs 2,000 denomination banknote from circulation but it will continue as legal tender. In a statement, the RBI said, "The 2,000 denomination banknote was introduced in November 2016 primarily to meet the currency requirements of the economy in an expeditious manner after the withdrawal of the legal tender status of all 500 and 1,000 banknotes in circulation at that time."
Read the full statement here
With RBI's new announcement, everyone is wondering if Rs 2,000 notes will become illegal after September 30. The answer to that is no, Rs 2,000 notes will not become illegal after September 30. RBI has not issued any statement, so far, about the legality of the Rs 2000 note after the said date.
READ | RBI withdraws Rs 2000 notes: When and where can notes be exchanged? Know guidelines
However, it is important to note that, beginning from May 23, 2023, individuals can exchange Rs 2000 banknotes for other denominations up to a limit of Rs 20,000 at any bank, at any time that does not hamper the regular banking activities.
RBI said that the deposit into bank accounts can be made in the usual manner, "without restrictions and subject to extant instructions and other applicable statutory provisions".
READ | RBI decides to withdraw Rs 2000 notes: What is 'Clean Note Policy'?
RBI also said that an exchange of Rs 2000 banknotes up to the limit of Rs 20,000 at a time shall also be provided at 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023.
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 "Myths vs Facts: Will Rs 2,000 notes become illegal after September 30?")
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