People were directed to exchange or deposit their 2,000 rupee notes at local RBI branches...
Digital Desk: 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.
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 notes 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 last month.
People were directed to exchange or deposit their 2,000 rupee notes at local RBI branches and bank branches. Any bank branch allowed non-account holders to exchange 2000 rupee bills up to a maximum of 20,000 rupees at once.
The 2000 rupees banknotes were taken out of circulation on May 19 by the RBI, but they were still declared to be legal currency. However, the RBI has instructed banks to cease issuing these currencies as of right now.
The introduction of the Rs 2000 banknote in November 2016 was primarily to meet the currency requirements of the economy's need for cash following the removal of the legal tender status of the Rs 500 and Rs 1000 banknotes in circulation at the time.
After sufficient supplies of banknotes in other denominations became available, the goal of launching Rs 2000 banknotes was achieved. As a result, printing of Rs 2000 banknotes stopped in 2018–19.
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