The Reserve Bank of India (RBI) has announced that the exchange and deposit of Rs 2,000 banknotes will be temporarily halted starting April 1, 2022.This closure is due to the annual closing of accounts at the RBI’s 19 issue offices. However, the service will resume normal operations on Tuesday, April 2, 2024.
RBI’s Withdrawal of Rs 2,000 Notes
In May 2023, the RBI announced the withdrawal of Rs 2,000 denomination banknotes from circulation. This move aimed to combat issues like counterfeiting and black money. As of February 29, 2024, nearly 97.62% of these banknotes have been returned to the banking system, according to the RBI. This signifies a successful retrieval of a significant portion of the withdrawn currency.
Options for Depositing or Exchanging Rs 2,000 Banknotes
Individuals holding Rs 2,000 notes can still avail themselves of two options:
- Deposit or Exchange at RBI Offices: You can visit any of the 19 designated RBI issue offices across India to deposit or exchange your Rs 2,000 banknotes. These offices are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
- Deposit via India Post: You can send your Rs 2,000 banknotes through registered post from any post office in India to any of the 19 RBI issue offices. The amount will be credited to your bank account upon successful delivery and verification.
Important Deadlines to Remember
The initial deadline for depositing or exchanging Rs 2,000 banknotes was set for September 30, 2023. This was later extended to October 7, 2023. Since then, deposit and exchange services at commercial bank branches have been discontinued. However, the RBI offices continue to offer these services as of March 2024.
Background: Demonetisation and Introduction of Rs 2,000 Notes
In November 2016, the Indian government, in collaboration with the RBI, implemented a demonetisation exercise. This move involved the withdrawal of Rs 500 and Rs 1,000 banknotes from circulation to curb black money and counterfeit currency. To address the immediate cash shortage, the RBI introduced the Rs 2,000 denomination banknote
While the exchange and deposit of Rs 2,000 notes will be temporarily unavailable on April 1, 2024, you can still utilize these services at RBI offices or through India Post after April 2nd. Remember, the deadline for exchanging or depositing these notes has passed for commercial banks.