The Reserve Bank of India has been quite active in making news as far as the policies one can do with Indian currency is concerned. It has recently launched another new update regarding the ₹2000 note.
The ₹2000 denomination was discontinued in the year 2023, operating direction for the public is that such denominations must be deposited in banks according to the RBI. Many people are still in possession, though discontinued. Now, this has led to the RBI issuing a reminder urging people to deposit their ₹2000 notes in time.
The last few years, many important modifications concerning the Indian currency system have been made, which dramatically affected the markets. Among them, the most important would be the discontinuation of the ₹2000 note. Although much news keeps coming up regarding this note, the most recent was given by the RBI, which encouraged the general public to deposit any such notes in its possession.
Current Situation of ₹2000 Notes in the Market
According to the RBI, about 98.14 percent of the ₹2000 notes are already back to the banking system. However, 1.86 percent of the notes are still in circulation, particularly in states like Bihar. In May 2023, the government declared the ban on these notes, and they are invalid for transactions now. All those still holding these notes should deposit them immediately. Otherwise, they will be pretty useless, as they will lose their validity.
Time’s Running Out: Deposit Your ₹2000 Notes Now
It has been years and some months since the ₹2000 notes were discontinued, but there are still people who have those notes in their possession. The foremost warning the RBI is: “Deposit the notes soon, or it shall be as good as waste”. Officials further emphasize this process must be completed early to avoid future problems.
How to Deposit Your ₹2000 Notes
Although the facility for exchanging or depositing ₹2000 notes at banks expired on October 7, 2023, you can still deposit them at 19 designated RBI offices throughout the country. The notes can be deposited across the country through the Postal Department and the RBI regional offices. If you are not able to visit these offices physically, then you can send your ₹2000 notes via India Post to any of the RBI’s regional offices for deposit into your bank account.