RBI not to exchange Rs 2,000 note on April 1, 2024

PTK News Monitoring

SRINAGAR: The Reserve Bank of India RBI has announced that the facility to exchange Rs 2,000 note will not be available on Monday April 1, 2024, due to the Annual Closing of Accounts.

The facility will resume at the 19 issue offices of the RBI on Tuesday, April 2, 2024. The 19 RBI offices depositing/exchanging the bank notes also include Jammu.

The Rs 2,000 currency note was first introduced in November 2016, following the demonetization of the old Rs 1,000 and Rs 500 note.

In May 2023, the RBI announced the withdrawal of Rs 2,000 denomination from circulation. Almost 97.62 percent of the currency has already returned to the banking system as of February 29, 2024. Around Rs 8,470 crore worth of Rs 2,000 currency note are still existing in the public.

The RBI has allowed individuals to exchange the Rs 2,000 note or get the equivalent amount being credited into their accounts.