Stock - Indian Rupee
About 89% of the Rs2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life span of four-five years. Image Credit: Bloomberg

Mumbai: India's central bank said on Friday it will start withdrawing Rs2,000 notes from circulation, although they will remain legal tender.

People will be asked to deposit Rs2,000 banknotes in their bank accounts or exchange them for smaller denominations between May 23 and September 30, the Reserve Bank of India said.

They will be able to exchange up to Rs20,000 ($244.56) at a time, it added.

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