What is the last date for exchange? Big update on Rs 2000 note: RBI had demonetized Rs 2000 note on May 19, 2023. This decision was taken under the clean note policy. Time till October 7, 2023 was given to exchange this note, which is available in all bank branches of the country. Reserve Bank has now given a big update regarding Rs 2000 note.
The Reserve Bank (RBI) has given a big update regarding the Rs 2000 note which was taken out of circulation last year. The central bank says that till 29 February 2024, a total of 97.62 percent of the notes of Rs 2000 have been returned. Now only Rs 8470 crore worth Rs 2000 notes are available in the system.
RBI had announced on 19 May 2023 that it is withdrawing the country's largest currency note i.e. Rs 2000 note from circulation. The Reserve Bank had taken this decision under the clean note policy. Time till October 7, 2023 was given to exchange this note, which was available in all bank branches of the country.
Now the facility to exchange Rs 2000 notes has been stopped in general banks and other places. If someone wants to exchange Rs 2000 notes, he will have to send the notes to any RBI office through post.
The Reserve Bank of India released the Rs 2000 note in November 2016. At that time the government had decided to ban 500 and 1000 rupee notes. The Rs 1000 note was the largest currency at that time, which was replaced by the Rs 2000 note.
RBI also stopped printing of Rs 2000 notes in the financial year 2018-19 and it will be phased out in May 2023. Now Rs 500 note is the biggest currency.
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