Facility to trade/deposit Rs 2,000 notes to stay closed on Jan 22: RBI

Public sector banks, insurance coverage corporations, monetary establishments and regional rural banks (RRBs) throughout the nation will stay closed for half day on January 22.

“The ability of trade / deposit of Rs 2000 banknotes won’t be out there on Monday, January 22, 2024 at any of the 19 Challenge Places of work of the Reserve Financial institution of India because of the half-day closure introduced by the Authorities of India,” the central financial institution mentioned in an announcement.

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

On Could 19 final 12 months, the RBI introduced the withdrawal of Rs 2,000 denomination financial institution notes from circulation.

The entire worth of Rs 2,000 financial institution notes in circulation, which amounted to Rs 3.56 lakh crore on the shut of enterprise on Could 19, 2023 (when the withdrawal of the forex notes was introduced) has declined to Rs 9,330 crore on the shut of enterprise on December 29, 2023. As a lot as 97.38 per cent of the high-value forex in circulation as of Could 19, 2023, has since been returned to the banking system as on December 29, 2023. The Rs 2,000 financial institution notes have been launched in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 financial institution notes.

The Rs 2,000 financial institution notes proceed to be authorized tender.