Deposit, exchange of Rs 2000 notes facility not available on April 1, says RBI

Rs 2000 note

The Reserve Bank of India (RBI) on March 28 said the facility of exchange and deposit of Rs 2000 banknotes will not be available on April 1 at the 19 issue offices of the RBI due to operations associated with the annual closing of accounts.

The facility will resume on April 2, RBI said in a release.

The facility for the exchange of the Rs 2000 banknotes have been available at the 19 issue offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023.

Starting October 09, 2023, RBI Issue Offices also began accepting Rs 2000 banknotes from individuals / entities for deposit into their bank accounts.

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

The total value of such banknotes in circulation declined to Rs 8,470 crore at the close of business on February 29, 2024, from Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, the RBI said in a statement.

The central bank announced the withdrawal of the high-value denomination banknotes from circulation as part of its clean note policy.

The RBI had introduced Rs 2,000 banknotes in November 2016 to meet the currency requirement of the economy after the withdrawal of the legal tender status of all Rs 500 and Rs 1,000 banknotes in circulation at that time.