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HomeNews₹2,000 notes won't be exchanged or deposited on April 1: What RBI...

₹2,000 notes won’t be exchanged or deposited on April 1: What RBI said

Mar 29, 2024 08:30 AM IST

The facility for the exchange of the ₹2000 banknotes has been available at the 19 issue offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023.

The Reserve Bank of India (RBI) said that the facility of exchange and deposit of 2000 banknotes will not be available on April 1 at 19 issue offices of the central bank. It cited operations associated with the annual closing of accounts as the reason for the temporary halt.

A security official walks past an emblem of the Reserve Bank of India at the RBI headquarters, in Mumbai.
A security official walks past an emblem of the Reserve Bank of India at the RBI headquarters, in Mumbai.

When will the facility resume?

The RBI said in the release that this facility will resume on April 2.

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When did this facility begin?

The facility for the exchange of the 2000 banknotes has been available at the 19 issue offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023. From October 9, 2023, RBI Issue Offices also began accepting 2000 banknotes from individuals / entities for deposit into their bank accounts.

How many 2000 notes have been returned?

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As of March 1, 2024, 97.62 per cent of the 2,000 currency notes in circulation as of May 19, 2023, have been returned to the banking system, RBI informed. The total value of 2000 banknotes in circulation declined to 8,470 crore at the close of business on February 29, 2024, from 3.56 lakh crore at the close of business on May 19, 2023, the central bank noted.

When did RBI withdraw 2,000 banknotes?

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RBI had announced the withdrawal of 2,000 banknotes on May 19, 2023 as part of its clean note policy.

When were 2000 banknotes introduced?

The RBI introduced 2,000 banknotes in November 2016 after the withdrawal of the legal tender status of all 500 and 1,000 banknotes in circulation.

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