RBI: The Reserve Bank of India (RBI) has announced that starting from April 1, the facility for exchanging or depositing ₹2,000 banknotes will not be available at 19 issue offices across the country. This temporary halt is due to the annual closing of accounts, as stated by the RBI.
During this period, individuals will not be able to exchange or deposit ₹2,000 notes at these designated RBI offices. However, it’s important to note that this restriction is only temporary and will be lifted on April 2, when the facility will resume as usual.
The RBI has been offering the exchange facility for ₹2,000 banknotes at these issue offices since May 19, 2023. This service allows individuals to exchange or deposit their ₹2,000 notes conveniently. However, due to operational reasons associated with the year-end accounting procedures, the service will be temporarily suspended on April 1.
It is advisable for individuals who need to exchange or deposit ₹2,000 notes to plan accordingly and consider the temporary halt of services on April 1. They can resume utilizing the exchange and deposit facilities at the designated RBI offices from April 2 onwards.
Since May 19, 2023, the Reserve Bank of India (RBI) has been providing a facility for exchanging ₹2,000 banknotes at its 19 issue offices across the country. Additionally, starting from October 9, 2023, these RBI issue offices also began accepting ₹2,000 banknotes from individuals and entities for deposit into their bank accounts.
As of March 1, 2024, the RBI reported that 97.62 percent of the ₹2,000 currency notes that were in circulation as of May 19, 2023, have been returned to the banking system. This indicates a significant decrease in the total value of ₹2,000 banknotes in circulation, which declined to ₹8,470 crore by the end of February 29, 2024, from ₹3.56 lakh crore by the end of May 19, 2023.
These measures and statistics highlight the gradual reduction in the circulation of ₹2,000 banknotes over time, along with the availability of facilities provided by the RBI for exchanging and depositing such notes.
The Reserve Bank of India (RBI) decided to withdraw ₹2,000 banknotes on May 19, 2023, as part of its clean note policy. This announcement marked a significant step in managing the circulation of currency notes in the country.
The introduction of ₹2,000 banknotes by the RBI occurred in November 2016. This decision came after the withdrawal of the legal tender status of all ₹500 and ₹1,000 banknotes that were in circulation at the time. The introduction aimed to address the need for higher denomination currency notes in the aftermath of the demonetization move.
These actions by the RBI reflect its efforts to regulate the currency system effectively and ensure the smooth functioning of monetary transactions across the nation.
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