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Massive surge in traffic: RBI website crashes after Rs 2000 note withdrawal announcement

Written by  Shgun S -- May 20th 2023 08:39 AM
Massive surge in traffic: RBI website crashes after Rs 2000 note withdrawal announcement

Massive surge in traffic: RBI website crashes after Rs 2000 note withdrawal announcement

The Reserve Bank of India's (RBI) official website crashed due to high traffic after the central bank withdrew the 2000 denomination banknotes from circulation.

The Reserve Bank of India (RBI) stated on Friday that it has decided to withdraw the 2000 denomination banknotes from circulation. However, it added that the 2000 notes will continue to be legal tender.


The RBI has also directed banks to stop issuing 2000 denomination notes immediately.

In its announcement, the RBI also instructed all banks to provide deposit and/or exchange facilities for 2,000 notes till September 30, 2023. According to the RBI notice, if you have 2000 currency notes, you can deposit or exchange them for banknotes of other denominations at any bank branch until September 30, 2023.

The RBI has also set a deposit limit for the 2000 denomination notes. The central bank has said that a maximum of 20,000 2000 denomination notes can be placed at any bank at one time in exchange for other denomination notes.

“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," RBI said.

Also Read | Reserve Bank of India to withdraw Rs 2,000 currency notes from circulation; know details

- PTC NEWS

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