RBI Offices Witness Long Queues as ₹ 2000 Notes Exchange Nears End

RBI Offices Witness Long Queues as ₹ 2000 Notes Exchange Nears End

VoM News Desk | October 13, 2023 | 10:45 PM IST | Breaking News | Follow on Google News

RBI Offices Witness Long Queues as ₹ 2000 Notes Exchange Nears End

RBI Offices Witness Long Queues as ₹ 2000 Notes Exchange Nears End

Public Gathers at 19 RBI Offices to Exchange ₹ 2,000 Notes as Deadline Approaches

As the deadline for exchanging or depositing ₹ 2,000 notes at banks approaches, people have been forming long queues at 19 Reserve Bank of India (RBI) offices to exchange this high denomination currency. The ₹ 2,000 notes were withdrawn from circulation following the surprise announcement by the RBI in May 2023.

The RBI had revealed its intention to withdraw the ₹ 2,000 note, which was introduced in 2016 for quick remonetization, as part of the government’s initiative to reduce the circulation of high denomination currency. This move came in response to Prime Minister Narendra Modi’s decision to demonetize ₹ 500 and ₹ 1,000 notes, which represented over 88% of the currency in circulation at the time.

Initially, the RBI had set a deadline for the public and entities to exchange or deposit ₹ 2,000 notes by September 30. Later, the deadline was extended to October 7. Following this, exchange and deposit facilities for these notes at bank branches ceased on October 7, and from October 8, people had the option to exchange these notes or have the equivalent amount credited to their bank accounts at 19 RBI offices.

RBI Governor Shaktikanta Das recently disclosed that ₹ 3.43 lakh crore worth of ₹ 2,000 notes have already been returned, while approximately ₹ 12,000 crore of such notes are still in circulation. As the deadline for exchanging these notes draws near, individuals and entities have been seen standing in queues at RBI offices, including those in the national capital.

Each individual or entity can exchange ₹ 2,000 bank notes at the 19 RBI offices up to a limit of ₹ 20,000 at a time. However, there is no limit on the total amount for getting ₹ 2,000 notes credited to bank accounts.

In response to the demonetization of ₹ 500 and ₹ 1,000 notes in November 2016, the RBI had introduced ₹ 2,000 notes, along with new ₹ 500 notes, to facilitate the process of remonetization.

VoM News Desk

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