RBI website crashes after ₹2,000 notes withdrawn announcement
- The official website of the Reserve Bank of India (RBI) crashed under heavy traffic after the central bank withdrew the ₹2000 denomination banknotes from circulation.
The official website of the Reserve Bank of India (RBI) crashed under heavy traffic after the central bank withdrew the ₹2000 denomination banknotes from circulation. The RBI on Friday announced that it has decided to withdraw the ₹2000 denomination banknotes from circulation. But, the RBI said, ₹2000 notes will continue to remain as legal tender. The RBI has also asked the banks to stop issuing ₹2000 denomination notes with immediate effect.
The RBI has also asked all banks in its announcement to provide deposit and/or exchange facilities for ₹2,000 notes until September 30, 2023. If you have ₹2000 currency notes, according to the RBI announcement, you can deposit or exchange them into banknotes of other denominations at any bank branch up to September 30, 2023.
The RBI has also specified the limit for depositing the ₹2000 denomination notes. The central bank has said that at a time, a maximum of ₹20,000 of ₹2000 denomination can be deposited at any bank for an exchange of other denomination notes.
In a statement, the RBI said, “The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of Notes in Circulation) to ₹3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023.”
The RBI said the denomination is also “not commonly used for transactions”.
"…in pursuance of the “Clean Note Policy" of the Reserve Bank of India, it has been decided to withdraw the ₹2000 denomination banknotes from circulation. The banknotes in ₹2000 denomination will continue to be legal tender," the RBI said.
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Business NewsNewsRBI website crashes after ₹2,000 notes withdrawn announcement
First Published:19 May 2023, 07:46 PM IST
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