The Rs 2,000 denomination banknote will stop to have its cost after Saturday and shall be simply some other piece of paper if one does now not get it exchanged in any financial institution, the Reserve Financial institution of India (RBI) clarified on Friday.
The RBI had previous mounted September 30, 2023 because the final date for the aim of finishing the workout in a time-bound means and to offer ok time to the general public.
Previous final month, the RBI stated that about 93 in step with cent of the Rs 2,000 banknotes have returned to the banking device for the reason that central financial institution in Would possibly determined to withdraw the high-value observe from stream.
Other folks have been directed to replace or deposit their Rs 2,000 notes in financial institution branches and regional branches of RBI. A non-account holder may additionally alternate Rs 2000 banknotes as much as a prohibit of Rs 20,000 at a time at any financial institution department.
On Would possibly 19, the RBI determined to withdraw the Rs 2000 denomination banknotes from stream however stated it might proceed to stay as criminal comfortable. Then again, RBI had urged banks to prevent issuing such banknotes with rapid impact.
The Rs 2000 denomination banknote was once presented in November 2016, basically to fulfill the forex requirement of the economic system in an expeditious means after the withdrawal of the criminal comfortable standing of all Rs 500 and Rs 1000 banknotes in stream at the moment.
The target of introducing Rs 2000 banknotes was once met as soon as banknotes in different denominations become to be had in ok amounts. Subsequently, the printing of Rs 2000 banknotes was once stopped in 2018-19.
(This information record is printed from a syndicated feed. Excluding for the headline, the content material has now not been written or edited by means of OpIndia group of workers)