Facility Suspended Temporarily Due to Annual Account Closing; Resumption and Guidelines Provided”
In a recent announcement, the Reserve Bank of India (RBI) disclosed that the facility for exchanging or depositing Rs 2,000 banknotes will be unavailable on April 1, 2024, across its 19 issue offices. This suspension is attributed to operational requirements tied to the annual closing of accounts.
The decision comes as part of the RBI’s ongoing management of currency circulation, particularly concerning the withdrawal of the Rs 2,000 denomination banknotes initiated on May 19 last year. With approximately 97.62% of the Rs 2,000 notes already returned to the banking system by February 29, only a fraction of the withdrawn currency, worth around Rs 8,470 crore, remains in circulation.
Following the temporary halt on April 1, the exchange and deposit services for Rs 2,000 notes are set to resume from April 2, allowing individuals to conduct transactions at the designated RBI offices. Additionally, those unable to visit these offices in person can utilize India Post services to deposit the notes, facilitating a seamless transition.
The 19 RBI offices accepting Rs 2,000 notes include locations in major cities such as Mumbai, New Delhi, Kolkata, Chennai, and Bengaluru, among others. This wide distribution aims to ensure accessibility for individuals across the country.
Initially, the RBI set a deadline for exchanging or depositing Rs 2,000 notes by September 30, 2023, which was later extended to October 7, 2023. Since then, individuals have had the option to exchange the currency or have the equivalent amount credited to their bank accounts at the designated RBI offices.
The introduction of Rs 2,000 banknotes in November 2016 followed the demonetization of the Rs 1,000 and Rs 500 notes, marking a significant shift in India’s currency landscape.
