rbi bank 2000 notes exchange

rbi bank 2000 notes exchange

The deadline set by the Reserve Bank of India (RBI) for the exchange or deposit of ₹2,000 currency notes concluded on October 7. The RBI has not issued any statement regarding an extension of the deadline.

rbi bank 2000 notes exchange
image credit: hindustan times

As of the close of business on May 19, 2023, the total value of ₹2,000 banknotes in circulation was ₹3.56 lakh crore, which was the date the RBI decided to withdraw these banknotes. Previously, the RBI had provided a four-month window for individuals to deposit or exchange their ₹2,000 notes at their nearest banks after withdrawing them from circulation on May 19. This action followed their introduction during the demonetization drive initiated by the Narendra Modi government.

rbi bank 2000 notes exchange

With the deadline now over, here’s what transpires:

Starting from October 8, 2023, banks will no longer accept ₹2,000 banknotes for crediting to accounts or exchanging for other denomination banknotes.

However, ₹2,000 banknotes can still be presented at the 19 Regional Offices of the RBI that have Issue Departments (RBI Issue offices) for crediting to bank accounts in India or exchanging, as outlined in the Press Release.

rbi bank 2000 notes exchange

All guidelines set forth in para 3A of the circular DCM(Plg)No.S-236/10.27.00/2023-24 dated May 19, 2023, remain in effect. Banks are also required to ensure that the ₹2,000 banknotes collected by their branches until October 7, 2023, are deposited at currency chests no later than October 13, 2023, as per the RBI’s directive.

rbi bank 2000 notes exchange

It’s important to note that ₹2,000 banknotes will continue to be considered legal tender. A copy of the Press Release should also be displayed in banking halls, ATM kiosks, etc., to inform customers and the public.

The introduction of ₹2,000 banknotes served its purpose when banknotes in other denominations became sufficiently available. As a result, the printing of ₹2,000 banknotes was halted in 2018-19.

The total value of ₹2,000 banknotes in circulation was ₹3.56 lakh crore at the close of business on May 19, 2023, which marked the date when the RBI decided to withdraw these banknotes.

you may like : iphone 15

Leave a Comment

Your email address will not be published. Required fields are marked *