Mumbai: The Reserve Bank of India (RBI) reported on Monday that almost 97.69 % of the Rs 2000 denomination banknotes have been returned to the banking system and solely Rs 8,202 crore value of the withdrawn notes are in public circulation.
The withdrawal of Rs 2000 denomination banknotes was introduced by the RBI on May 19, 2023. At that point, the full worth of Rs 2000 banknotes in circulation amounted to Rs 3.56 lakh crore. However, as of March 29, 2024, this worth has considerably declined to Rs 8,202 crore, indicating a considerable discount within the presence of these notes in circulation, the Reserve Bank of India stated in an announcement.
“Thus, 97.69 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, has since been returned,” it added.
The Rs 2,000 banknotes proceed to be authorized tender.
People can deposit or alternate Rs 2000 banknotes at 19 RBI workplaces
Individuals have the choice to deposit or alternate Rs 2000 banknotes at 19 RBI workplaces nationwide. They may also make the most of India Post providers to ship these notes from any submit workplace to any RBI Issue Office for credit score to their financial institution accounts in India.
Initially, private and non-private entities holding such notes had been instructed to alternate or deposit them in financial institution accounts by September 30, 2023. This deadline was later prolonged to October 7, 2023, after which deposit and alternate providers at financial institution branches ceased.
From October 8, 2023, people have been given the selection to both alternate the currency or have the equal quantity credited to their financial institution accounts on the 19 RBI workplaces situated in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
The introduction of Rs 2000 banknotes occurred in November 2016, following the demonetisation of the then-existing Rs 1000 and Rs 500 banknotes.
What was RBI’s tips for Rs 2000 notes?
People from throughout the nation can ship Rs 2000 banknotes via India Post from any submit workplace within the nation to any of the RBI Issue Offices for credit score to their financial institution accounts in India. September 30 was initially determined because the final date to full the alternate and deposit train in a time-bound method and to present sufficient time to the general public. People had been requested to utilise the month of September to deposit or alternate their Rs 2000 banknotes to keep away from any rush on the final second.
However, the RBI, based mostly on a evaluate, determined to prolong the association for deposit and alternate till October 7, 2023. The Rs 2000 banknote was launched in November 2016, primarily to meet the currency necessities of the economic system expeditiously after the withdrawal of the authorized tender standing of all Rs 500 and Rs 1000 banknotes in circulation at the moment.
(With PTI inputs)
