In order to ensure a time-bound completion of the process and to allow sufficient time for the public, the RBI had previously set September 30, 2023, as the final date.
New Delhi: The ₹2,000 denomination banknote will lose its value after Saturday and will become invalid unless exchanged at a bank, as clarified by the Reserve Bank of India (RBI) on Friday.
The RBI had previously set September 30, 2023, as the deadline to facilitate a time-bound exchange process and allow ample time for the public.
Last month, the RBI reported that approximately 93 percent of ₹2,000 banknotes had returned to the banking system after the central bank decided to withdraw the high-value note from circulation in May.
Individuals were instructed to exchange or deposit their ₹2,000 notes at bank branches and regional branches of the RBI. Non-account holders were also permitted to exchange ₹2,000 banknotes, up to a limit of ₹20,000 at a time, at any bank branch.
On May 19, the RBI made the decision to withdraw the ₹2,000 denomination banknotes from circulation while maintaining their legal tender status. However, banks were advised to cease issuing such banknotes immediately.
The introduction of ₹2,000 banknotes in November 2016 was primarily intended to meet the economy’s urgent currency requirements following the demonetization of all ₹500 and ₹1,000 banknotes in circulation at that time.
Once banknotes in other denominations became sufficiently available, the objective of introducing ₹2,000 banknotes was achieved, leading to the discontinuation of their production in 2018-19.
