In 2016, India faced a significant crisis when the government decided to demonetize Rs. 500 and Rs. 1000 notes on November 8. This drastic measure aimed to tackle counterfeit notes and curb black money in the country. Subsequently, new Rs. 500 and Rs. 2000 notes were introduced, replacing the old denominations.
Introduction of Rs. 2000 Notes
The introduction of Rs. 2000 notes marked a change, as it became the highest denomination in India, replacing the Rs. 1000 note. However, even these Rs. 2000 notes faced cancellation by the central government. The deadline for exchanging these notes was initially set for September 30, 2023.
Extended Deadline and RBI’s Initiative
With the deadline approaching, the government extended it until October 7, acknowledging that there were still unredeemed Rs. 2000 notes. To facilitate the exchange, the Reserve Bank of India (RBI) provided an opportunity for people to swap these notes.
Exchange Procedure
To exchange the Rs. 2000 notes, individuals need to visit RBI offices with valid identity documents. Each person can exchange up to 10 notes at a time. For those unable to visit RBI offices, there’s an option to send the notes through India Post to specified RBI offices across 19 locations in India, including cities like Bangalore, Chennai, Kolkata, Mumbai, New Delhi, and Hyderabad.
This initiative aims to ensure that the remaining Rs. 2000 notes are exchanged effectively, providing a final chance for individuals to convert their old currency.