Most of the Rs 2,000 notes that are in circulation are expected to return to banks within the given time frame of 30 September. This is a routine exercise of RBI and people need not panic, the source added.

“Rs 2000 currency note will remain legal tender after 30th September too. RBI expects that 4 month time is enough for people to exchange notes with the banks. Most of the Rs 2000 notes that are in circulation will return to banks within the given time frame of 30th September. This is a routine exercise of RBI and people need not panic,” the source told ANI.

Meanwhile, the central bank has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect.