The Reserve Bank of India (RBI) reported that 98.04% of Rs 2000 banknotes in circulation as of May 19, 2023, have now been returned. As of October 31, 2024, the value of these banknotes outside the banking system has decreased to Rs 6,970 crore. The RBI announced the withdrawal of the Rs 2000 denomination banknotes on May 19, 2023.
At that time, the total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore. This means that less than 2% remain in circulation, even though they continue to be legal tender.
The RBI provides facilities to exchange Rs 2000 banknotes at its 19 Issue Offices. This service has been available since May 19, 2023. As of October 9, 2023, these offices also accept deposits of Rs 2000 banknotes from individuals and entities. Additionally, people can send Rs 2000 banknotes through India Post to any RBI Issue Office for credit to their bank accounts.
The RBI introduced the Rs 2000 banknote in November 2016 to meet currency needs after withdrawing Rs 500 and Rs 1000 notes. The RBI stopped printing Rs 2000 banknotes in 2018-19 due to the adequate availability of other denominations. The RBI’s decision to withdraw the Rs 2000 banknotes aligns with its Clean Note Policy. This policy aims to ensure good quality banknotes for the public.
Also Read: India Condemns Violent Incident At Hindu Sabha Temple In Canada
The Delhi High Court has stayed the appointment of Anilkumar Prabhakaran as the General Secretary…
The Delhi High Court will hear the bail plea of former AAP MLA Naresh Baliyan…
The Supreme Court has granted a major relief to the Rajasthan government by upholding the…
The Supreme Court has expressed concern over the rising tendency to register rape cases based…
Adani Ports & Special Economic Zone set a national record by handling 450 MMT of…
SC issues notice to UP govt, Neelam Katara on Vikas Yadav’s interim bail plea in…