RBI will not exchange or deposit Rs 2,000 notes on April 1. Here's the reason why

The Reserve Bank of India (RBI) won't be exchanging or depositing Rs 2000 notes on April 1 at its 19 offices due to annual closing of accounts.

The facility will resume on April 2, the central bank said in a release. 

Rs 2000 banknotes are being exchanged at the 19 issue offices since May 19, 2023. The 19 RBI offices depositing/exchanging the bank notes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

RBI has been accepting Rs 2000 notes from individuals / entities for deposit into their bank accounts since October last year. As of March 1, 2024, 97.62 percent of the Rs 2,000 currency notes in circulation as of May 19, 2023, have returned to the banking system.

The total value of such banknotes in circulation declined to Rs 8,470 crore at the close of business on February 29, 2024, from Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, the RBI said in a statement.

The central bank announced the withdrawal of the high-value denomination banknotes from circulation as part of its clean note policy.