On april 1, 2024, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) will suspend the facility to exchange or deposit Rs 2000 notes in its regional offices due to Annual Closing of Accounts operations. This announcement was made by RBI in a statement released on march 28, 2024. However, from april 2, 2024, individuals will be able to deposit or exchange Rs 2000 notes as usual.
The decision to withdraw Rs 2000 notes from circulation was announced by the RBI on May 19, 2023. As of march 1, 2024, 97.62% of the total Rs 2000 notes in circulation have been returned to the RBI. Initially, Rs 3.56 lakh crore worth of Rs 2000 notes were in circulation, which has now decreased to Rs 8470 crore by february 29, 2024.
Although the RBI has withdrawn Rs 2000 notes from circulation, they remain legal tender. The deadline for exchanging Rs 2000 notes in banks was initially set for september 30, 2023, but was extended to october 7, 2023, to accommodate those who had not yet returned their notes. Subsequently, from october 9, 2023, individuals could deposit or exchange Rs 2000 bank notes at RBI issue offices.
Additionally, people could credit the amount in their bank accounts by sending Rs 2000 notes through india Post to any RBI issue office. The RBI's decision to suspend the exchange or deposit of Rs 2000 notes on april 1, 2024, is part of its operational schedule and does not affect the legal tender status of these notes.
click and follow Indiaherald WhatsApp channel