RBI won’t exchange or deposit Rs 2,000 notes on April 1

RBI won’t exchange or deposit Rs 2,000 notes on April 1

Mangalore Today News Network

New Delhi, Mar 29, 2024: The Reserve Bank of India (RBI) won’t be swapping or accepting Rs 2,000 notes at its 19 offices on April 1 as they’re closing their accounts for the year.

 

The service will resume on April 2, according to an announcement by the central bank.

"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 may be noted that people have been able to exchange Rs 2,000 notes at the 19 RBI offices located across various cities like Ahmedabad, Bengaluru, Mumbai, and others since May 19 last year. But due to the yearly closing of accounts, this service will temporarily halt on April 1st and resume the next day.

The RBI has been allowing individuals and businesses to deposit Rs 2,000 notes into their bank accounts since October of the previous year.

By March 1, 2024, nearly 97.62% of the Rs 2,000 notes in circulation since May 19, 2023, have been returned to the banking system.

Initially, there was a significant amount of Rs 2,000 notes in circulation, valued at about Rs 3.56 lakh crore when they were first introduced in 2018.

However, as of February 29, 2024, the total value of these notes in circulation had dropped to Rs 8,470 crore.

This reduction is part of the RBI’s efforts to maintain a clean note policy, ensuring the smooth functioning of the currency system.