{"id":3359,"date":"2023-09-30T06:08:38","date_gmt":"2023-09-30T06:08:38","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=3359"},"modified":"2023-09-30T06:08:38","modified_gmt":"2023-09-30T06:08:38","slug":"rbi-clarifies-that-last-date-for-exchanging-rs-2000-notes-is-tomorrow","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/rbi-clarifies-that-last-date-for-exchanging-rs-2000-notes-is-tomorrow\/","title":{"rendered":"RBI clarifies that last date for exchanging Rs 2,000 notes is tomorrow"},"content":{"rendered":"

NEW DELHI: The\u00a0<\/span>Reserve\u00a0<\/span>Bank<\/a>\u00a0<\/span><\/span>of\u00a0<\/span><\/span>India\u00a0<\/span>(RBI)\u00a0<\/span><\/span>made\u00a0<\/span><\/span>it\u00a0<\/span>clear\u00a0<\/span><\/span>on\u00a0<\/span><\/span>Friday\u00a0<\/span><\/span>that\u00a0<\/span>the\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span><\/a>denomination\u00a0<\/span><\/span>currency\u00a0<\/span><\/span>will\u00a0<\/span>lose\u00a0<\/span><\/span>all\u00a0<\/span>of\u00a0<\/span><\/span>its\u00a0<\/span>value\u00a0<\/span><\/span>after\u00a0<\/span><\/span>Saturday\u00a0<\/span><\/span>and\u00a0<\/span><\/span>become\u00a0<\/span><\/span>simply\u00a0<\/span><\/span>another\u00a0<\/span>piece\u00a0<\/span><\/span>of\u00a0<\/span>paper\u00a0<\/span><\/span>if\u00a0<\/span>it\u00a0<\/span><\/span>is\u00a0<\/span>not\u00a0<\/span>exchanged\u00a0<\/span><\/span>in\u00a0<\/span><\/span>a\u00a0<\/span>bank.<\/span><\/span><\/span> <\/span><\/span><\/span>In\u00a0<\/span>order\u00a0<\/span><\/span>to\u00a0<\/span>complete\u00a0<\/span>the\u00a0<\/span><\/span>exercise<\/a>\u00a0<\/span><\/span>on\u00a0<\/span><\/span>schedule\u00a0<\/span><\/span>and\u00a0<\/span>provide\u00a0<\/span><\/span>the\u00a0<\/span>public\u00a0<\/span><\/span>enough\u00a0<\/span>time,\u00a0<\/span><\/span>the\u00a0<\/span>RBI\u00a0<\/span><\/span>had\u00a0<\/span>already\u00a0<\/span>set\u00a0<\/span><\/span>September\u00a0<\/span>30,\u00a0<\/span>2023,\u00a0<\/span><\/span>as\u00a0<\/span><\/span>the\u00a0<\/span>deadline.<\/span><\/span><\/span> <\/span><\/span><\/span>Since\u00a0<\/span><\/span>the\u00a0<\/span>central\u00a0<\/span>bank\u00a0<\/span><\/span>decided\u00a0<\/span><\/span>to\u00a0<\/span>stop\u00a0<\/span><\/span>issuing\u00a0<\/span><\/span>the\u00a0<\/span><\/span>high-value\u00a0<\/span><\/span>note\u00a0<\/span><\/span>in\u00a0<\/span><\/span>May,\u00a0<\/span><\/span>almost\u00a0<\/span>93%\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>banknotes\u00a0<\/span><\/span>have\u00a0<\/span>been\u00a0<\/span><\/span>returned\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>banking\u00a0<\/span>system,\u00a0<\/span><\/span>according\u00a0<\/span><\/span>to\u00a0<\/span>information\u00a0<\/span><\/span>released\u00a0<\/span><\/span>by\u00a0<\/span><\/span>the\u00a0<\/span>RBI\u00a0<\/span><\/span>earlier\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>month.<\/span><\/span><\/span><\/span><\/span><\/span>The\u00a0<\/span>public\u00a0<\/span><\/span>was\u00a0<\/span>instructed\u00a0<\/span>to\u00a0<\/span><\/span>swap\u00a0<\/span><\/span>or\u00a0<\/span><\/span>deposit\u00a0<\/span><\/span>their\u00a0<\/span><\/span>Rs.\u00a0<\/span>2,000\u00a0<\/span><\/span>notes\u00a0<\/span><\/span>at\u00a0<\/span><\/span>local\u00a0<\/span><\/span>RBI\u00a0<\/span><\/span>branches\u00a0<\/span><\/span>and\u00a0<\/span><\/span>bank\u00a0<\/span>branches.<\/span><\/span><\/span> <\/span><\/span><\/span>Any\u00a0<\/span>bank\u00a0<\/span><\/span>branch\u00a0<\/span><\/span>allowed\u00a0<\/span><\/span>non-account\u00a0<\/span><\/span>holders\u00a0<\/span><\/span>to\u00a0<\/span>exchange\u00a0<\/span><\/span>up\u00a0<\/span>to\u00a0<\/span><\/span>20,000\u00a0<\/span>rupees\u00a0<\/span><\/span>worth\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span>2000\u00a0<\/span><\/span>notes\u00a0<\/span><\/span>at\u00a0<\/span>once.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>Rs\u00a0<\/span><\/span>2000\u00a0<\/span><\/span>denomination\u00a0<\/span><\/span>banknotes\u00a0<\/span><\/span>were\u00a0<\/span>taken\u00a0<\/span><\/span>out\u00a0<\/span>of\u00a0<\/span><\/span>circulation\u00a0<\/span><\/span>on\u00a0<\/span><\/span>May\u00a0<\/span>19\u00a0<\/span><\/span>by\u00a0<\/span>the\u00a0<\/span><\/span>RBI,\u00a0<\/span><\/span>but\u00a0<\/span>they\u00a0<\/span><\/span>were\u00a0<\/span>still\u00a0<\/span><\/span>declared\u00a0<\/span><\/span>to\u00a0<\/span>be\u00a0<\/span><\/span>legal\u00a0<\/span>tender.<\/span><\/span><\/span> <\/span><\/span><\/span>However,\u00a0<\/span><\/span>the\u00a0<\/span>RBI\u00a0<\/span><\/span>had\u00a0<\/span>instructed\u00a0<\/span><\/span>banks\u00a0<\/span><\/span>to\u00a0<\/span>cease\u00a0<\/span><\/span>issuing\u00a0<\/span><\/span>these\u00a0<\/span>currencies\u00a0<\/span><\/span>right\u00a0<\/span>now.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>introduction\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>Rs\u00a0<\/span>2000\u00a0<\/span><\/span>denomination\u00a0<\/span><\/span>banknote\u00a0<\/span><\/span>in\u00a0<\/span><\/span>November\u00a0<\/span>2016\u00a0<\/span><\/span>served\u00a0<\/span><\/span>largely\u00a0<\/span><\/span>to\u00a0<\/span>quickly\u00a0<\/span>address\u00a0<\/span><\/span>the\u00a0<\/span>economy’s\u00a0<\/span>need\u00a0<\/span><\/span>for\u00a0<\/span><\/span>money\u00a0<\/span><\/span>following\u00a0<\/span><\/span>the\u00a0<\/span>loss\u00a0<\/span><\/span>of\u00a0<\/span><\/span>the\u00a0<\/span>legal\u00a0<\/span>tender\u00a0<\/span>status\u00a0<\/span><\/span>of\u00a0<\/span>all\u00a0<\/span><\/span>Rs\u00a0<\/span>500\u00a0<\/span><\/span>and\u00a0<\/span><\/span>Rs\u00a0<\/span>1000\u00a0<\/span><\/span>banknotes\u00a0<\/span><\/span>in\u00a0<\/span><\/span>use\u00a0<\/span><\/span>at\u00a0<\/span><\/span>the\u00a0<\/span>time.<\/span><\/span><\/span><\/span><\/span><\/span>After\u00a0<\/span><\/span>sufficient\u00a0<\/span>supplies\u00a0<\/span><\/span>of\u00a0<\/span><\/span>notes\u00a0<\/span><\/span>in\u00a0<\/span>other\u00a0<\/span><\/span>denominations\u00a0<\/span><\/span>became\u00a0<\/span><\/span>available,\u00a0<\/span><\/span>the\u00a0<\/span>goal\u00a0<\/span><\/span>of\u00a0<\/span><\/span>launching\u00a0<\/span><\/span>Rs\u00a0<\/span>2000\u00a0<\/span><\/span>banknotes\u00a0<\/span><\/span>was\u00a0<\/span>achieved.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>printing\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span>2000\u00a0<\/span><\/span>banknotes\u00a0<\/span><\/span>was\u00a0<\/span><\/span>thus\u00a0<\/span><\/span>discontinued\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2018\u201319.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

 <\/p>\n

\"RBI
RBI clarifies that last date for exchanging Rs 2,000 notes is tomorrow<\/figcaption><\/figure>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

NEW DELHI: The\u00a0Reserve\u00a0Bank\u00a0of\u00a0India\u00a0(RBI)\u00a0made\u00a0it\u00a0clear\u00a0on\u00a0Friday\u00a0that\u00a0the\u00a0Rs\u00a02,000\u00a0denomination\u00a0currency\u00a0will\u00a0lose\u00a0all\u00a0of\u00a0its\u00a0value\u00a0after\u00a0Saturday\u00a0and\u00a0become\u00a0simply\u00a0another\u00a0piece\u00a0of\u00a0paper\u00a0if\u00a0it\u00a0is\u00a0not\u00a0exchanged\u00a0in\u00a0a\u00a0bank. In\u00a0order\u00a0to\u00a0complete\u00a0the\u00a0exercise\u00a0on\u00a0schedule\u00a0and\u00a0provide\u00a0the\u00a0public\u00a0enough\u00a0time,\u00a0the\u00a0RBI\u00a0had\u00a0already\u00a0set\u00a0September\u00a030,\u00a02023,\u00a0as\u00a0the\u00a0deadline. Since\u00a0the\u00a0central\u00a0bank\u00a0decided\u00a0to\u00a0stop\u00a0issuing\u00a0the\u00a0high-value\u00a0note\u00a0in\u00a0May,\u00a0almost\u00a093%\u00a0of\u00a0the\u00a0Rs\u00a02,000\u00a0banknotes\u00a0have\u00a0been\u00a0returned\u00a0to\u00a0the\u00a0banking\u00a0system,\u00a0according\u00a0to\u00a0information\u00a0released\u00a0by\u00a0the\u00a0RBI\u00a0earlier\u00a0in\u00a0the\u00a0month.The\u00a0public\u00a0was\u00a0instructed\u00a0to\u00a0swap\u00a0or\u00a0deposit\u00a0their\u00a0Rs.\u00a02,000\u00a0notes\u00a0at\u00a0local\u00a0RBI\u00a0branches\u00a0and\u00a0bank\u00a0branches. Any\u00a0bank\u00a0branch\u00a0allowed\u00a0non-account\u00a0holders\u00a0to\u00a0exchange\u00a0up\u00a0to\u00a020,000\u00a0rupees\u00a0worth\u00a0of\u00a0Rs\u00a02000\u00a0notes\u00a0at\u00a0once. The\u00a0Rs\u00a02000\u00a0denomination\u00a0banknotes\u00a0were\u00a0taken\u00a0out\u00a0of\u00a0circulation\u00a0on\u00a0May\u00a019\u00a0by\u00a0the\u00a0RBI,\u00a0but\u00a0they\u00a0were\u00a0still\u00a0declared\u00a0to\u00a0be\u00a0legal\u00a0tender. However,\u00a0the\u00a0RBI\u00a0had\u00a0instructed\u00a0banks\u00a0to\u00a0cease\u00a0issuing\u00a0these\u00a0currencies\u00a0right\u00a0now. The\u00a0introduction\u00a0of\u00a0the\u00a0Rs\u00a02000\u00a0denomination\u00a0banknote\u00a0in\u00a0November\u00a02016\u00a0served\u00a0largely\u00a0to\u00a0quickly\u00a0address\u00a0the\u00a0economy’s\u00a0need\u00a0for\u00a0money\u00a0following\u00a0the\u00a0loss\u00a0of\u00a0the\u00a0legal\u00a0tender\u00a0status\u00a0of\u00a0all\u00a0Rs\u00a0500\u00a0and\u00a0Rs\u00a01000\u00a0banknotes\u00a0in\u00a0use\u00a0at\u00a0the\u00a0time.After\u00a0sufficient\u00a0supplies\u00a0of\u00a0notes\u00a0in\u00a0other\u00a0denominations\u00a0became\u00a0available,\u00a0the\u00a0goal\u00a0of\u00a0launching\u00a0Rs\u00a02000\u00a0banknotes\u00a0was\u00a0achieved. The\u00a0printing\u00a0of\u00a0Rs\u00a02000\u00a0banknotes\u00a0was\u00a0thus\u00a0discontinued\u00a0in\u00a02018\u201319.    <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13,6,67,89],"tags":[],"class_list":["post-3359","post","type-post","status-publish","format-standard","hentry","category-breaking-news","category-business","category-header","category-national"],"gutentor_comment":0,"yoast_head":"\nRBI clarifies that lastdate for exchanging Rs 2,000 note is tomorrow<\/title>\n<meta name=\"description\" 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