By September 30, citizens can swap or deposit the 2,000 notes they have in their hands into their bank accounts, according to the central bank. Starting on May 23, the 19 regional offices of the Reserve Bank of India (RBI) and other institutions would accept Rs 2,000 notes in exchange for notes of lower denomination. According to the RBI, they will continue to be accepted as legal money.
All banks have been instructed by the RBI to stop printing the 2,000 note right away.
Following the overnight scrapping of high-value notes worth 1,000 and 500 rupees by Prime Minister Narendra Modi in November 2016, the RBI began issuing the 2,000 rupee note. People can deposit or swap for lesser denomination notes for up to 20,000 at a time until September 30 according to the central bank.
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Statement by RBI:
Once banknotes in different denominations were widely available, the goal of introducing 2,000 banknotes was achieved. As a result, the printing of 2000-euro banknotes was discontinued in 2018–19, according to a statement from the RBI.
Starting on May 23, 2023, any bank would be able to exchange up to 20,000 rupees worth of currency for notes of other denominations, the RBI announced, “to ensure operational convenience and prevent disruption of regular activities of bank branches.
However, even if someone holds a Rs. 2,000 note after the present deadline, it will still be a valid tender, sources informed NDTV today. The RBI may extend the deadline from September 30 if necessary. According to the central bank, this note is not typically used in transactions. Similar efforts to remove notes from circulation were made by the Reserve Bank of INdia in 2013–2014.
After sufficient supplies of notes in other denominations became available, the goal of launching Rs 2,000 banknotes was achieved. Approximately 89% of the Rs 2,000 banknotes were printed before March 2017 and are nearing the end of their predicted life of 4-5 years.
When they peaked at Rs 6.73 lakh crore on March 31, 2018 (37.3% of notes in circulation), the total value of these banknotes in circulation fell to Rs 3.62 lakh crore on March 31, 2023, making up just 10.8% of notes in circulation.