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People Start Queuing Up At RBI Offices To Exchange Rs 2,000 Notes

2000 notes

Individuals or entities can exchange Rs 2,000 bank notes at the 19 RBI offices. (Representational)

New Delhi:

With banks stopping accepting Rs 2,000 notes, people have started queuing up at 19 Reserve Bank of India offices to exchange the high denomination currency, which was withdrawn from circulation.

On May 19, the RBI had surprised all by announcing its intent to withdraw the Rs 2,000 note introduced in 2016 for quick remonetisation, following Prime Minister Narendra Modi’s announcement to suck out over 88 per cent of currency in circulation by banning the Rs 500 and Rs 1,000 notes.

Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30. The last date was later extended to October 7.

The deposit as well as exchange facilities at bank branches was stopped on October 7. From October 8, people were given the option to get the currency exchanged or get the amount credited in their banks accounts at 19 offices of the RBI.

Last Friday, RBI Governor Shaktikanta Das said Rs 3.43 lakh crore worth of Rs 2,000 notes have come back and about Rs 12,000 crore of such notes were still in circulation.

People were seen standing in queues at RBI offices, including in the national capital, to exchange Rs 2,000 notes.

Individuals or entities can exchange Rs 2,000 bank notes at the 19 RBI offices up to a limit of Rs 20,000 at a time. However, there is no limit on the total amount for getting Rs 2,000 notes credited in bank accounts.

Following the demonetisation of Rs 500 and Rs 1,000 bank notes in November 2016, the RBI had introduced Rs 2,000 notes, along with new Rs 500 notes for speedy remonetisation.

(Except for the headline, this story has not been edited by String Reveals staff and is published from a syndicated feed.)