Public grapples with lingering issues in Rs 2,000 note exchange

Jaipur: The Rs 2000 note, introduced after demonetization in 2016, has become a constant source of concern for individuals looking to exchange or deposit it. Despite the Reserve Bank’s efforts to facilitate the process, the scene outside its offices, particularly in Jaipur, is chaotic.

Individuals seeking to exchange their remaining Rs 2000 notes face long queues from early morning throughout the week.

The Reserve Bank had allowed exchanges through banks until September 30, but there are still people holding onto these notes.

At the Jaipur office, the queues often stretch to the main road, causing inconvenience to many. One serious allegation from people is that the RBI employees at the Jaipur counter are compelling them to accept coins worth Rs 20 in lieu of the Rs 2000 notes they are attempting to exchange.

The situation is exacerbated by the lack of responsiveness from RBI officials in Jaipur and their reluctance to address the public’s concerns.

Despite the announcement of the withdrawal of the Rs 2000 note on May 19, 2023, there are still hurdles in the exchange process.

The Reserve Bank ceased printing Rs 2000 notes in the financial year 2018-2019, citing concerns about counterfeiting. The note’s share in seized fake notes is approximately 56 percent, according to RBI.

The note’s unpopularity is evident in the RBI’s 2021-22 report. As of November 30, 2023, 97.26 percent of the total Rs 2000 notes had been returned to the RBI, amounting to Rs 3.56 lakh crore.

However, as of December 1, 2023, people still held Rs 2000 notes worth Rs 9760 crore.