None
Skip to mainThe Reserve Bank of India (RBI) has instructed banks to immediately cease the issuance of Rs 2,000 denomination banknotes. In light of this, the RBI has urged individuals to deposit their Rs 2,000 banknotes into their accounts or exchange them for banknotes of other denominations at any branch.
According to the RBI statement, starting from May 23, individuals will have the option to exchange Rs 2,000 banknotes for up to Rs 20,000 at a time. Deposits into bank accounts can be made in the usual manner, without any restrictions, and in accordance with existing instructions and applicable statutory provisions.
The Rs 2,000 banknote was initially introduced in November 2016 to quickly fulfill the currency needs of the economy following the withdrawal of legal tender status for all Rs 500 and Rs 1,000 banknotes in circulation at that time. Once an adequate quantity of banknotes in other denominations became available, the objective of introducing the Rs 2,000 banknotes was fulfilled.
Approximately 89% of the Rs 2,000 banknotes were issued prior to March 2017 and have now reached the end of their estimated lifespan of 4-5 years. The total value of these banknotes in circulation has declined from its peak of Rs 6.73 lakh crore on March 31, 2018 (constituting 37.3% of Notes in Circulation) to Rs 3.62 lakh crore, accounting for only 10.8% of notes in circulation as of March 31, 2023.
The printing of Rs 2,000 banknotes ceased in the fiscal year 2018-19. These developments have been reported with inputs from various agencies.
🕑 08 Dec,23 10:42a.m.
Timeline for transfer on mutual exchange for non-gazetted railway employees
🕑 07 Dec,23 10:45p.m.
46,000 CAPF personnel opted for early retirement over the past five years
🕑 07 Dec,23 6:40p.m.
Lok Sabha Q&A : Extra attempt and age relaxation for UPSC CSE
🕑 07 Dec,23 6:30p.m.
Fixed Medical Allowance (FMA) to Pensioners under NPS
🕑 07 Dec,23 9:18a.m.
Lok Sabha Q&A : CGHS cashless treatment facilities in AIIMS & PGIMER
🕑 07 Dec,23 6:44a.m.
Rajya Sabha Q&A : Implementation of the five-day work in banks
🕑 06 Dec,23 9:57p.m.
Employees of autonomous bodies not entitled to same benefits as Govt Employees
🕑 06 Dec,23 7:15p.m.
Rajya Sabha Q&A: Clarifying Pay Disparity between CCS(RP) Rules 2008 & 2016
🕑 06 Dec,23 7:11p.m.
Guidelines on Acceptance of Awards by Government servants
🕑 08 Dec,23 11p.m.
DoT to discontinue paper-based KYC for enrolling mobile users from Jan
🕑 08 Dec,23 10:42a.m.
No hike in EMIs. RBI keeps repo rate unchanged at 6.5%
🕑 07 Dec,23 12:47p.m.
BJP’s electoral success casts doubt on reverting to old pension system
🕑 07 Dec,23 7:01a.m.
Discover 8 Financial Benefits for Central Govt Employees Post-Retirement
🕑 03 Dec,23 3:49p.m.
BJP's Victory: Boon or Bane for Central Government Employees?
🕑 19 Nov,23 10:17a.m.
Understanding the Andhra model of guaranteed pension system
🕑 11 Nov,23 11:02p.m.
Deceased govt employees’ spouses now eligible for Sr. Citizen Saving Scheme
🕑 08 Nov,23 10:12p.m.
DOP&PW poblishes compendium of pension related instructions