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Facility to exchange, deposit Rs 2,000 notes not available on April 1: Here's why

The Reserve Bank of India (RBI) declared the withdrawal of Rs 2,000 denomination banknotes from circulation on May 19, 2023.

Edited By: Arushi Jaiswal @JaiswalArushi New Delhi Published on: March 29, 2024 11:58 IST
RBI
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New Delhi: The Reserve Bank of India (RBI) won't be exchanging or depositing Rs 2000 notes on April 1 at its 19 offices due to operations associated with the annual closing of accounts. The service will resume on April 2, according to an announcement by the central bank.

Here's why service will not be available on April 1

"The facility of exchange/deposit of Rs 2,000 banknotes will not be available on Monday, April 01, 2024, at the 19 Issue Offices of the Reserve Bank of India due to operations associated with the Annual Closing of Accounts. The facility will resume on Tuesday, April 02, 2024," RBI said.

It's important to note that individuals have had the opportunity to exchange Rs 2,000 notes at the 19 RBI offices situated across different cities. However, due to the annual closing of accounts, this service will temporarily cease on April 1st and resume the following day.

These 19 RBI issue offices are:

  1. Ahmedabad
  2. Bangalore
  3. Belapur
  4. Bhopal
  5. Bhubaneswar
  6. Chandigarh
  7. Chennai
  8. Guwahati
  9. Hyderabad
  10. Jaipur
  11. Jammu
  12. Kanpur
  13. Kolkata
  14. Lucknow
  15. Mumbai
  16. Nagpur
  17. New Delhi
  18. Patna
  19. Thiruvananthapuram

What was RBI's guidelines for Rs 2000 notes?

People from within the country can send Rs 2000 banknotes through India Post from any post office in the country to any of the RBI Issue Offices for credit to their bank accounts in India. September 30 was initially decided as the last date to complete the exchange and deposit exercise in a time-bound manner and to provide adequate time to the public. People were requested to utilise the month of September to deposit or exchange their Rs 2000 banknotes to avoid any rush at the last moment.

However, the RBI, based on a review, decided to extend the arrangement for deposit and exchange until October 7, 2023. The Rs 2000 banknote was introduced in November 2016, primarily to meet the currency requirements of the economy expeditiously after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.

97.62 per cent of Rs 2000 notes returned

As of February 29, nearly 97.62% of the Rs 2,000 notes have been returned to the banking system. Only approximately Rs 8,470 crore worth of the withdrawn notes remain with the public.

Also Read: 97.26 per cent of Rs 2000 notes returned, denomination continues to be legal tender: RBI

Also Read: New deadline for exchange of Rs 2000 notes announced

 

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