Representational file picture
| Photo Credit: NAGARA GOPAL
The Reserve Bank of India (RBI) mentioned it has come throughout stories circulating in sure sections of the media alleging lacking banknotes printed by banknote printing presses, and emphasised that these stories are not 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 supplied from printing presses to RBI are properly accounted for. It is additional knowledgeable that there are sturdy techniques in place for reconciliation of banknotes printed on the presses and supplied to RBI which embrace protocols to monitor manufacturing, storage and distribution of banknotes. Members of the general public are, subsequently, requested to depend on the knowledge printed by RBI from time to time in such issues, they added.
Earlier on May 19, RBI determined to withdraw the ₹2,000 denomination foreign money notes from circulation, however mentioned it’ll proceed to stay as authorized tender. However, RBI has suggested banks to cease issuing ₹2,000 denomination banknotes with rapid impact. People can change or deposit their ₹2,000 notes in financial institution branches and regional branches of RBI. A non-account holder can also change ₹2000 banknotes up to a restrict of ₹20,000 at a time at any financial institution department.September 30 has been determined because the final date for the aim of finishing the train in a time-bound method and to present satisfactory time to the general public.
RBI is probably going to revisit the September deadline primarily based on the state of affairs going forward. The ₹2000 denomination banknote was launched in November 2016 underneath Section 24(1) of the RBI Act, 1934, primarily to meet the foreign money requirement of the financial system in an expeditious method after the withdrawal of the authorized tender standing of all ₹500 and ₹1000 banknotes in circulation at the moment. The goal of introducing ₹2000 banknotes was met as soon as banknotes in different denominations grew to become out there in satisfactory portions. Therefore, the printing of ₹2000 banknotes was stopped in 2018-19.T
he complete worth of those banknotes in circulation had declined from ₹6.73 lakh crore at its peak of March 31, 2018 (37.3% of Notes in Circulation) to ₹3.62 lakh crore constituting solely 10.8% of Notes in Circulation on March 31, 2023. It was additionally noticed that this denomination is just not generally used for transactions.
