Facility to exchange, deposit Rs 2K notes to remain closed on Jan 22: RBI

The facility to exchange and deposit Rs 2,000 notes will not be available at the Reserve Bank offices on January 22, the day of the consecration of the Ram temple in Ayodhya.

The Department of Personnel and Training issued an order for a half-day closure for central government establishment on Monday.

Public sector banks, insurance companies, financial institutions and regional rural banks (RRBs) across the country will remain closed for half day on January 22.

"The facility of exchange / deposit of Rs 2000 banknotes will not be available on Monday, January 22, 2024 at any of the 19 Issue Offices of the Reserve Bank of India due to the half-day closure announced by the Government of India," the central bank said in a statement.

The facility will resume on Tuesday, January 23, 2024, it added.

On May 19 last year, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation.

The total value of Rs 2,000 bank notes in circulation, which amounted to Rs 3.56 lakh crore at the close of business on May 19, 2023 (when the withdrawal of the currency notes was announced) has declined to Rs 9,330 crore at the close of business on December 29, 2023.

As much as 97.38 per cent of the high-value currency in circulation as of May 19, 2023, has since been returned to the banking system as on December 29, 2023.

The Rs 2,000 bank notes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 bank notes.

The Rs 2,000 bank notes continue to be legal tender.