End of Rs 2,000 Notes
In India, the circulation of Rs 2,000 notes has been stopped. These once-common large bills are now useless and cannot be used for any transactions in the market.
Extended Deadline for Exchanging Notes
Originally, the deadline set by the Reserve Bank of India was September 30. However, it has been extended by a week, allowing people to exchange their 2,000 rupee notes until October 7. After this date, these notes will hold no value and will be equivalent to scrap paper.
RBI’s Decision and Circulation Figures
The Reserve Bank of India announced in May that it was withdrawing the 2,000 rupee notes from circulation. The RBI Governor, Shaktikanta Das, shared some crucial information.
As of March 31, there were 2,000 rupee notes worth Rs 3.62 lakh crore in circulation. By May 19, this number reduced to Rs 3.56 lakh crore, and further decreased to Rs 0.42 lakh crore by July 31.
Limited Time for Exchange
Das stated that there’s no possibility of extending the deadline beyond October 7. After October 8, these notes will no longer be accepted by banks. Any remaining 2,000 rupee notes in circulation will essentially become worthless.