ANI
30 Sep 2023, 02:03 GMT+10
New Delhi [India], September 29 (ANI): The Rs 2,000 denomination banknote will cease to have its value after Saturday and will be just another piece of paper if one does not get it exchanged in any bank, the Reserve Bank of India (RBI) clarified on Friday.
The RBI had earlier fixed September 30, 2023 as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public.
Earlier last month, the RBI said that about 93 per cent of the Rs 2,000 banknotes have returned to the banking system since the central bank in May decided to withdraw the high-value note from circulation.
People were directed to exchange or deposit their Rs 2,000 notes in bank branches and regional branches of RBI. A non-account holder could also exchange Rs 2000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.
On May 19, the RBI decided to withdraw the Rs 2000 denomination banknotes from circulation but said it would continue to remain as legal tender. However, RBI had advised banks to stop issuing such banknotes with immediate effect.
The Rs 2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.
The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19. (ANI)
Get a daily dose of Orlando Echo news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Orlando Echo.
More InformationLIVINGSTON, Kentucky: This week, railroad operator CSX said a train derailment involving 16 cars, two of which spilled molten sulfur ...
Fifty-seven journalists have been killed as of Saturday as a result of Israel's war on Gaza, which has extended to ...
TEL AVIV, Israel - Following Taoiseach Leo Varadkar's statement on Emily Hand's release, Israel's foreign minister says he summoned the ...
WASHINGTON D.C.: The White House says U.S. authorities have foiled a plot to kill a Sikh separatist in the U.S., ...
BANGKOK, Thailand: In response to heightened Chinese activity in the South China Sea, the United States and the Philippines have ...
BEIRUT, Nov. 25 (Xinhua) -- The United Nations Interim Force in Lebanon (UNIFIL) said in a statement on Saturday that ...
MARSHALL, Texas: In a lawsuit unsealed this week, Texas Attorney-General Ken Paxton said Pfizer and its supplier Tris Pharma provided ...
WASHINGTON D.C.: A Department of Health and Human Services (HHS) spokesperson said that this week, the U.S. government will begin ...
(Photo credit: Stephen R. Sylvanie-USA TODAY Sports) Riding high after one of their best wins of the season, the Arizona ...
(Photo credit: John E. Sokolowski-USA TODAY Sports) The Toronto Maple Leafs hope that their first home game in more than ...
(Photo credit: Sergei Belski-USA TODAY Sports) MacKenzie Weegar scored with 4.8 seconds remaining in overtime to give host Calgary a ...
(Photo credit: Ron Chenoy-USA TODAY Sports) Ryan Johansen scored two goals, Cale Makar had a goal and an assist and ...