Rs 500 notes to push Rs 2,000 out in mega ATM reboot: Things you must know

Biggest recalibration since demonetisation; Rs 2,000 notes to remain legal tender but to be pulled out of circulation

A major exercise to recalibrate the country’s 240,000-odd automated teller machines (ATMs) is underway to replace Rs 2,000 notes with Rs 500 notes. While the highest-denomination currency will remain legal tender, it will gradually be pulled out of circulation, sources in the know said. 

Of the four cassettes within ATMs, three will now be filled with Rs 500 notes, and the fourth will either hold notes of Rs 100 or Rs 200 denominations. Cassettes holding Rs 2,000 notes have already been replaced in many ATMs, and may well be on their way out within a year. Banks are not putting Rs