NEW DELHI: The Reserve Bank of India (RBI) made it clear on Friday that the Rs 2,000 denomination currency will lose all of its value after Saturday and become simply another piece of paper if it is not exchanged in a bank. In order to complete the exercise on schedule and provide the public enough time, the RBI had already set September 30, 2023, as the deadline. Since the central bank decided to stop issuing the high-value note in May, almost 93% of the Rs 2,000 banknotes have been returned to the banking system, according to information released by the RBI earlier in the month.The public was instructed to swap or deposit their Rs. 2,000 notes at local RBI branches and bank branches. Any bank branch allowed non-account holders to exchange up to 20,000 rupees worth of Rs 2000 notes at once. The Rs 2000 denomination banknotes were taken out of circulation on May 19 by the RBI, but they were still declared to be legal tender. However, the RBI had instructed banks to cease issuing these currencies right now. The introduction of the Rs 2000 denomination banknote in November 2016 served largely to quickly address the economy’s need for money following the loss of the legal tender status of all Rs 500 and Rs 1000 banknotes in use at the time.After sufficient supplies of notes in other denominations became available, the goal of launching Rs 2000 banknotes was achieved. The printing of Rs 2000 banknotes was thus discontinued in 2018–19.
