No exchange of Rs 2000 banknotes on April 1

The RBI announced on Thursday that the facility for exchange and deposit of Rs 2000 banknotes will not be available on April 1 at the central bank’s 19 offices due to operations associated with the annual closing of accounts.

However, the facility will become operational again on April 2, the RBI said.

The facility for the exchange of the Rs 2000 banknotes has been available at the 19 issue offices of the RBI since May 19, 2023.

Starting October 09, 2023, RBI Issue offices also began accepting Rs 2000 banknotes from individuals and entities for depositing them into their bank accounts.

As of March 1, 2024, 97.62 per cent of the Rs 2,000 bank notes that were in circulation on May 19, 2023, have been returned to the banking system.

The RBI has said that Rs 2000 banknotes continue to be legal tender.