The Reserve Bank of India has already stopped the distribution of Rs 2000 notes since last year. Customers can exchange 2000 Rs. notes at 19 branches of the bank.
After withdrawing Rs 2,000 notes from circulation last year, RBI offered facilities to exchange these notes at its 19 branches. Customers can exchange these notes up to a certain amount at these branches. However, RBI through a circular has informed that it won’t be allowing any exchange of Rs. 2000 notes in these 19 RBI branches on April 1st.
Last year in May RBI issued a formal notification and announced its decision to withdraw Rs. 2,000 notes from distribution. For this decision, the bank received heavy criticism from most sectors. However, it was clarified that despite the notes being withdrawn from circulation, they will continue as legal tender in market transactions. Later, RBI offered the exchange facility for Rs. 2000 notes in its branches.
RBI stopped printing Rs. 2000 notes in 2019. Once it was ensured that a sufficient amount of Rs. 500 notes was in the market, RBI decided to withdraw Rs. 2000 notes from the market. Subsequently, an exchange of Rs. 2000 notes was initiated. Approximately 98% of Rs. 2,000 notes have been exchanged as of 1st March 2024, with only 2% remaining in the market.
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