On May 19, 2023, the RBI announced that the Rs. 2000 notes would be discontinued. The Central Bank then gave the order to deposit or swap Rs. 2000 notes at banks. There was plenty of time for people to trade these notes. By visiting the RBI office, anyone can swap and deposit these notes after the deadline expires on October 7, 2023. But on April 1st, this facility won’t be open. On April 1st, the option to deposit or exchange rupee 2000 notes will be closed.
On April 1, it will not be possible to exchange Rs. 2000 notes.
On April 1, the Reserve Bank of India decided to discontinue the ability to deposit or exchange banknotes valued at Rs 2000. The central bank declared that on April 1, the facility to exchange or deposit Rs 2,000 notes will not be available in 19 regional offices of RBI. Let us tell you that RBI has stopped this facility for only one day i.e. 1st April. According to RBI, till February 29, about 97.62 percent of Rs 2000 notes had returned to the banking system. Only Rs 8,470 crore notes are out in the market.
Why was the choice made?
The RBI stated that there won’t be an opportunity to exchange or deposit Rs. 2000 banknotes on April 1 due to work associated with annual accounting in banks. On Tuesday, April 2, this facility will be available again in RBI offices across the nation. In other words, starting on April 2, individuals can visit the RBI offices located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. Please be informed that as of September 30, 2023, the period for exchanging or depositing Rs 2000 notes has been extended until October 7.
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