Sat, 30 Sep 2023

NEW DELHI, May 23 (Xinhua) -- The process of exchanging the currency notes of 2,000 (Indian Rupees) denomination began on Tuesday across India after the country's central bank announced the withdrawal of the highest-value currency notes from circulation.

Last week, the Reserve Bank of India (RBI) said that the currency notes of the 2,000 denomination shall be withdrawn after Sept. 30, and thereafter they will not be legal tender.

Not much rush was seen in front of the banks on Tuesday, as RBI Governor Shaktikanta Das announced on Monday that there were enough currency notes available in the country's banking system for exchange.

Individuals have been given the option of exchanging a maximum of 10 notes of 2,000 denominations every day with currency notes of other denominations at any bank. Or they can deposit the currency notes of 2,000 denominations into their bank accounts.

Deposits can be made without restrictions, and they are subject to existing instructions and applicable statutory provisions, said media reports.

The RBI had begun printing 2,000 denomination notes in 2016 after Prime Minister Narendra Modi announced the demonetization of currency notes of 1,000 and 500 denominations. However, the printing of 2,000 denomination notes was halted in 2018-19.

Availability of currency notes of 2,000 denominations through ATMs or bank withdrawals had become a rarity over the past several months.

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