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The Reserve Bank of India (RBI) has issued a reminder that the last day to exchange ₹2,000 denomination banknotes is September 30, 2023. After this date, these notes will cease to hold any monetary value and will be treated as mere pieces of paper if not exchanged at any bank.
The RBI had previously set September 30, 2023, as the deadline for the exchange process to ensure it is conducted in a timely manner and to provide adequate time to the public.
Last month, the RBI revealed that approximately 93 percent of the ₹2,000 banknotes have already been returned to the banking system since the central bank’s decision in May to withdraw this high-value note from circulation.
Individuals were instructed to exchange or deposit their ₹2,000 notes at bank branches or regional branches of the RBI. Even non-account holders were permitted to exchange ₹2,000 banknotes, with a limit of ₹20,000 at a time, at any bank branch.
On May 19, 2023, the RBI announced the withdrawal of the ₹2,000 denomination banknotes from circulation while confirming that they would continue to be recognized as legal tender. However, the RBI advised banks to discontinue issuing these banknotes with immediate effect.
The introduction of ₹2,000 banknotes in November 2016 was primarily aimed at fulfilling the economy’s urgent currency requirements following the withdrawal of certain denominations. Once an adequate supply of banknotes in other denominations became available, the objective of introducing ₹2,000 notes was achieved. Consequently, the printing of ₹2,000 banknotes was halted during the fiscal year 2018-19.
As the deadline approaches, the RBI urges individuals to exchange any remaining ₹2,000 banknotes to avoid any loss of value after September 30, 2023.
Sources By Agencies
