Home Business RBI Suspends Rs 2,000 Banknote Exchange And Deposit Facility On April 1 | Personal Finance News

RBI Suspends Rs 2,000 Banknote Exchange And Deposit Facility On April 1 | Personal Finance News

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RBI Suspends Rs 2,000 Banknote Exchange And Deposit Facility On April 1 | Personal Finance News

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New Delhi: The Reserve Bank of India (RBI) has announced a temporary suspension of the facility for exchanging and depositing Rs 2,000 banknotes at 19 of its issuing offices. This suspension is due to operations associated with the annual closing of accounts, as stated by the central bank.

Temporary Suspension Of Exchange Of Rs 2,000 Notes

The exchange and deposit facility for Rs 2,000 banknotes will not be available on April 1 at the specified RBI offices. (Also Read: Agency Banks To Open This Sunday: Check What It Is, How They Operate & Full List)

When This Facility Will Resume?

However, the RBI assures that this facility will resume on April 2, allowing the public to continue exchanging and depositing these banknotes. (Also Read: Sam Bankman-Fried: Once Among America’s Wealthiest, Now Facing 25 Years Behind Bars — Read All About Former Crytpo Mogul)

Since May 19, 2023, the exchange of Rs 2,000 banknotes has been available at the 19 RBI issue offices. Additionally, from October 9, 2023, individuals and entities have been able to deposit Rs 2,000 banknotes into their bank accounts at these offices.

Currency Statistics

According to RBI statistics, as of March 1, 2024, 97.62 percent of the Rs 2,000 currency notes in circulation since May 19, 2023, have been returned to the banking system.

The total value of Rs 2,000 banknotes in circulation has significantly declined from Rs 3.56 lakh crore to Rs 8,470 crore.

Withdrawal Of Rs 2,000 Banknotes

The RBI announced the withdrawal of Rs 2,000 banknotes on May 19, 2023, as part of its clean note policy. These high-denomination notes were introduced in November 2016, following the withdrawal of all Rs 500 and Rs 1,000 banknotes from circulation.

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