RBI Withdraws Rs 2000 Notes From Circulation | What Does It Mean And What Steps You Can Take

The Reserve Bank of India (RBI) on May 19 said it is withdrawing Rs 2,000 notes from circulation based on a review. However, the banknotes in Rs 2,000 denomination will continue to be legal tender, the RBI said in a release. "In view of the above, and in pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw the Rs 2,000 denomination banknotes from circulation," the RBI said. The RBI has advised members of the public to deposit Rs 2,000 banknotes into their bank accounts or exchange them for banknotes of other denominations at any bank branch. "Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions," RBI said in a release. CNN-News18's Managing Editor, Zakka Jacob explains what this means what can one do.