New Delhi [India], September 29 (ANI): The Rs 2,000 denomination banknote will cease to have its value after Saturday and will be just another piece of paper if one does not get it exchanged in any bank, the Reserve Bank of India (RBI) clarified on Friday.

The RBI had earlier fixed September 30, 2023 as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public.

Earlier last month, the RBI said that about 93 per cent of the Rs 2,000 banknotes have returned to the banking system since the central bank in May decided to withdraw the high-value note from circulation.

People were directed to exchange or deposit their Rs 2,000 notes in bank branches and regional branches of RBI. A non-account holder could also exchange Rs 2000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.

On May 19, the RBI decided to withdraw the Rs 2000 denomination banknotes from circulation but said it would continue to remain as legal tender. However, RBI had advised banks to stop issuing such banknotes with immediate effect.

The Rs 2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.

The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19. (ANI)