The Rs 2,000 denomination banknote will stop to have its worth after Saturday and will likely be simply one other piece of paper if one doesn’t get it exchanged in any financial institution, the Reserve Bank of India (RBI) clarified on Friday.
The RBI had earlier fastened September 30, 2023 because the final date for the aim of finishing the train in a time-bound method and to offer ample time to the general public.
Earlier final month, the RBI mentioned that about 93 per cent of the Rs 2,000 banknotes have returned to the banking system because the central financial institution in May determined to withdraw the high-value notice from circulation.
People have been directed to alternate or deposit their Rs 2,000 notes in financial institution branches and regional branches of RBI. A non-account holder might additionally alternate Rs 2000 banknotes as much as a restrict of Rs 20,000 at a time at any financial institution department.
On May 19, the RBI determined to withdraw the Rs 2000 denomination banknotes from circulation however mentioned it could proceed to stay as authorized tender. However, RBI had suggested banks to cease issuing such banknotes with quick impact.
The Rs 2000 denomination banknote was launched in November 2016, primarily to satisfy the forex requirement of the financial system in an expeditious method after the withdrawal of the authorized tender standing of all Rs 500 and Rs 1000 banknotes in circulation at the moment.
The goal of introducing Rs 2000 banknotes was met as soon as banknotes in different denominations turned accessible in ample portions. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19.
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