The Reserve Bank of India (RBI) has announced a temporary halt to the exchange and deposit facility for ₹2000 banknotes at 19 issue offices across the country. This suspension will be in effect on April 1, citing necessary operations related to the annual closing of accounts as the reason.
This facility, which has been available since May 19, 2023, allows individuals and entities to exchange or deposit ₹2000 banknotes at RBI Issue Offices. However, due to operational reasons, this service will not be available on April 1. The RBI reassures the public that the facility will resume on April 2, 2024.
According to recent data provided by the RBI, as of March 1, 2024, 97.62% of the ₹2000 currency notes in circulation since May 19, 2023, have been returned to the banking system. The total value of ₹2000 banknotes in circulation has significantly declined from ₹3.56 lakh crore on May 19, 2023, to ₹8,470 crore as of February 29, 2024.
The withdrawal of ₹2000 banknotes was initially announced by the RBI on May 19, 2023, as part of its clean note policy initiative. These notes were introduced in November 2016 following the withdrawal of ₹500 and ₹1000 banknotes from circulation.
The RBI’s decision to temporarily halt the exchange and deposit facility underscores the importance of operational processes during the annual closing of accounts. While inconveniences may arise during this brief pause, the resumption of services on April 2, 2024, ensures continued accessibility for individuals and entities requiring these banking services.
