New Delhi: The Reserve Bank of India (RBI) has come throughout experiences circulating in sure sections of the media alleging lacking banknotes printed by banknote printing presses. The RBI emphasizes that these experiences will not be right. “These reports are based on an erroneous interpretation of information collected under the Right to Information Act, 2005 from the printing press,” officers mentioned. It could also be famous that every one banknotes equipped from printing presses to RBI are correctly accounted for.
It is additional knowledgeable that there are sturdy programs in place for reconciliation of banknotes printed on the presses and equipped to RBI which embrace protocols to observe manufacturing, storage and distribution of banknotes. Members of the general public are, due to this fact, requested to depend on the knowledge revealed by RBI infrequently in such issues, they added.
Earlier on May 19, RBI determined to withdraw the Rs 2,000 denomination foreign money notes from circulation, however mentioned it would proceed to stay as authorized tender. However, RBI has suggested banks to cease issuing Rs 2,000 denomination banknotes with quick impact. People can alternate or deposit their Rs 2,000 notes in financial institution branches and regional branches of RBI. A non-account holder can also alternate Rs 2000 banknotes as much as a restrict of Rs 20,000 at a time at any financial institution department.
Also Read:Â RBI Grade B Recruitment 2023 Registration Ends Today At rbi.org.in- Steps To Apply Here
September 30 has been determined because the final date for the aim of finishing the train in a time-bound method and to supply satisfactory time to the general public. RBI is more likely to revisit the September deadline based mostly on the state of affairs going forward.
The Rs 2000 denomination banknote was launched in November 2016 below Section 24(1) of the RBI Act, 1934, primarily to satisfy the foreign money requirement of the financial system in an expeditious method after the withdrawal of the authorized tender standing of all Rs 500 and Rs 1000 banknotes in circulation at the moment.
Also Read:Â RBI To Levy Penalties On Banks That Lose Property Papers Of Borrowers
The goal of introducing Rs 2000 banknotes was met as soon as banknotes in different denominations grew to become accessible in satisfactory portions. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19.
The complete worth of those banknotes in circulation had declined from Rs 6.73 lakh crore at its peak of March 31, 2018 (37.3 per cent of Notes in Circulation) to Rs 3.62 lakh crore constituting solely 10.8 per cent of Notes in Circulation on March 31, 2023. It was additionally noticed that this denomination shouldn’t be generally used for transactions.
