RBI Not Exchange 2000 on April 1 | RBI will not exchange or deposit Rs 2,000 notes on April 1, know why
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The Reserve Bank of India (RBI) will not exchange or accept Rs 2,000 notes at its 19 offices on April 1 as they are closing their accounts for this year. According to the central bank’s announcement, the service will resume on April 2. RBI said Due to operations related to Annual Closing of Accounts, the facility of exchange/deposit of Rs 2,000 bank notes will not be available in 19 issue offices of the Reserve Bank of India on Monday, April 01, 2024. This facility will resume on Tuesday.
It is noteworthy that people can exchange Rs 2,000 notes at 19 RBI offices located in Ahmedabad, Bengaluru, Mumbai and other cities from May 19 last year. But due to the annual closure of accounts, this service will be temporarily closed on April 1 and will resume the next day.
The RBI has been allowing individuals and businesses to deposit Rs 2,000 notes in their bank accounts since October last year. As of March 1, 2024, about 97.62% of the Rs 2,000 notes in circulation since May 19, 2023, have returned to the banking system.
Initially, there were large quantities of Rs 2,000 notes in circulation, worth about Rs 3.56 lakh crore when they were first introduced in 2018. However, the total value of these notes in circulation had come down to Rs 8,470 crore by February 29, 2024. The cut is part of RBI’s efforts to maintain a clean currency policy to ensure smooth functioning of the currency system.
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