RBI Declares Temporary Unavailability Of Exchange/Deposit Of Rs 2,000 Banknotes

The Reserve Bank of India (RBI) announced that on Monday, April 1, 2024, at its 19 issuing offices nationwide, it would not be allowed to exchange or deposit Rs 2,000 banknotes. The operations associated with the annual closure of accounts are the cause of this shortstop. The central bank said that the facility would reopen on Tuesday, April 2, 2024.

"The facility of exchange / deposit of Rs 2000 banknotes will not be available on Monday, April 01, 2024 at the 19 Issue Offices1 of the Reserve Bank of India due to operations associated with the Annual Closing of Accounts. The facility will resume on Tuesday, April 02, 2024," said RBI in a statement on Thursday.

The 19 RBI offices in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram are where one may exchange or deposit banknotes. After the Rs 1,000 and Rs 500 banknotes were demonetised in November 2016, the Rs 2,000 banknotes were launched.

On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs. 2000 denomination banknotes from circulation. The entire value of the Rs 2000 banknotes in circulation dropped to Rs 8,897 crore at the close of business on January 31, 2024, from Rs 3.56 lakh crore at the close of business on May 19, 2023, when the discontinuation of the Rs 2000 banknotes was announced. As a result, 97.50% of the Rs 2000 banknotes that were in use on May 19, 2023, have already been returned according to RBI.

Since May 19, 2023, the Reserve Bank's 19 Issue Offices (RBI Issue Offices)1 provided an option to exchange Rs. 2000 banknotes. Individuals and corporations can deposit Rs 2000 banknotes into their bank accounts at RBI Issue Offices commencing from October 09, 2023. Additionally, resident Indian citizens can send Rs. 2000 in banknotes to any RBI Issue Office through India Post to credit money from any post office in the nation to their bank account.