The RBI had introduced the withdrawal of ₹2,000 denomination banknotes from circulation on May 19, 2023.
| Photo Credit: R. Ragu
The Reserve Bank of India on December 1 reported a drop in the entire worth of ₹2,000 banknotes in circulation to ₹9,760 crore, with 97.26% returned.
About 2.7% of just-withdrawn ₹2,000 banknotes are still in circulation, about two months after the deadline to deposit or alternate them at financial institution branches is over.
Also learn | October 7 deadline to alternate ₹2,000 notes
The RBI had introduced the withdrawal of ₹2,000 denomination banknotes from circulation on May 19 this yr. The final day for the general public to avail of alternate or to deposit high-value ₹2,000 banknotes on the banks was October 7.
“The total value of ₹2,000 banknotes in circulation, which amounted to ₹3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of ₹2,000 banknotes was announced, has declined to ₹9,760 crore as at the close of business on November 30, 2023. Thus, 97.26% of the ₹2,000 banknotes in circulation as on May 19, 2023, has since been returned,” it stated in a launch.
The whole worth of ₹2,000 banknotes in circulation was ₹3.56 lakh crore on the shut of enterprise on May 19, 2023, the date on which RBI determined to withdraw the banknote. As of November 30, it was at ₹9,760 crore.
“The facility for exchange of the ₹2000 banknotes was also available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) from May 19, 2023. From October 09, 2023, RBI Issue Offices, in addition to exchanging ₹2000 denomination banknotes across the counters, are also accepting ₹2000 banknotes from individuals/entities for deposit to their bank accounts. Further, members of the public from within the country can send ₹2000 banknotes through India Post from any post office in the country, to any of the RBI Issue Offices for credit to their bank accounts in India,” learn the assertion.
₹2,000 banknotes continues to be a authorized tender and could be exchanged for items and providers with prepared events.
