MUMBAI: India’s central bank said on Friday it will start withdrawing 2,000-rupee notes from circulation, although they will remain legal tender.

People will be asked to deposit 2,000-rupee banknotes in their bank accounts or exchange them for smaller denominations between May 23 and Sept. 30, the Reserve Bank of India said.

India’s forex reserves edge towards $600bn, hit near 1-year high

They will be able to exchange up to 20,000 Indian rupees ($244.56) at a time, it added.