The Reserve Bank of India (RBI) has brought the curtains down on the exchange/deposit window for ₹2,000 currency notes. Previously extended until October 7, 2023, the central bank, as of now, has not announced any further extensions.
End of Exchange Period
From October 8, 2023, banks across India will cease to accept ₹2,000 banknotes for credit to accounts or exchange into other denominations. This marks a significant shift in the policy regarding these notes.
RBI’s Regional Offices for Redemption
However, there’s still a ray of hope for those holding ₹2,000 notes. These banknotes can still be presented at the 19 Regional Offices of the RBI, which have Issue Departments (RBI Issue offices). Here, they can be credited to bank accounts in India or exchanged, as indicated in the Press Release.
Legal Tender Status Maintained
It’s important to note that ₹2,000 banknotes will continue to retain their legal tender status, even though they won’t be accepted by regular banks. This means that they can still be used for transactions where they are accepted.
A Brief History of ₹2,000 Notes
These notes were introduced as part of the demonetization drive by the Narendra Modi government. However, their printing was discontinued in 2018-19, once banknotes in other denominations became widely available.
Closing the Chapter
As the deadline has passed, banks are now tasked with ensuring that any ₹2,000 banknotes collected by their branches until October 7, 2023, are deposited at currency chests by October 13, 2023.
The total value of ₹2,000 banknotes in circulation stood at ₹3.56 lakh crore as of May 19, 2023, the date on which RBI decided to withdraw them. This decision effectively closes the chapter on these notes in the Indian currency landscape.
