The Reserve Bank of India (RBI) has announced that the exchange or deposit facility for ₹2000 banknotes will be unavailable on January 22nd. This suspension coincides with the Ram Mandir Pran Pratishtha ceremony in Ayodhya.
Details of the Suspension
- Date of Suspension: The facility will be suspended on January 22nd, a Monday.
- Resumption of Services: Normal services for exchanging or depositing ₹2000 notes will resume on January 23rd, Tuesday.
- RBI Circular: The suspension follows a circular from the RBI stating the public holiday declared by the Maharashtra Government under the Negotiable Instruments Act, 1881.
Impact on Financial Markets
- Money Markets Closed: Along with the suspension of the ₹2000 note exchange/deposit, the money market, government securities, foreign exchange, and rupee interest rate derivatives will also not see any transactions and settlements on this day.
- Share Market Closure: The share market will remain closed on January 22nd, due to the Ram Mandir Pran Pratishtha ceremony.
Background
- This announcement comes after the RBI’s declaration on May 19 last year about withdrawing ₹2000 notes from circulation.
Implications for the Public
- The public and financial institutions need to plan their transactions accordingly, considering this one-day suspension of services related to the ₹2000 note.
InConclusion
The RBI’s decision to suspend the exchange and deposit of ₹2000 notes on January 22nd reflects the significance of the Ram Mandir Pran Pratishtha ceremony. This move will have a temporary impact on financial transactions involving the ₹2000 note, necessitating adjustments from the public and financial sectors for that day.
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