Mumbai: The Reserve Financial institution of India (RBI) reported on Monday that almost 97.69 p.c of the Rs 2000 denomination banknotes have been returned to the banking system and solely Rs 8,202 crore value of the withdrawn notes are in public circulation.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 Might 19, 2023. At the moment, the overall worth of Rs 2000 banknotes in circulation amounted to Rs 3.56 lakh crore. Nevertheless, as of March 29, 2024, this worth has considerably declined to Rs 8,202 crore, indicating a considerable discount within the presence of those notes in circulation, the Reserve Financial institution of India stated in a press release.
“Thus, 97.69 per cent of the Rs 2000 banknotes in circulation as of Might 19, 2023, has since been returned,” it added.
The Rs 2,000 banknotes proceed to be authorized tender.
Individuals can deposit or change Rs 2000 banknotes at 19 RBI workplaces
People have the choice to deposit or change Rs 2000 banknotes at 19 RBI workplaces nationwide. They’ll additionally make the most of India Publish companies to ship these notes from any put up workplace to any RBI Problem Workplace for credit score to their financial institution accounts in India.
Initially, private and non-private entities holding such notes had been instructed to change or deposit them in financial institution accounts by September 30, 2023. This deadline was later prolonged to October 7, 2023, after which deposit and change companies at financial institution branches ceased.
From October 8, 2023, people have been given the selection to both change the forex 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?
Individuals from throughout the nation can ship Rs 2000 banknotes by means of India Publish from any put up workplace within the nation to any of the RBI Problem Places of work for credit score to their financial institution accounts in India. September 30 was initially determined because the final date to finish the change and deposit train in a time-bound method and to supply satisfactory time to the general public. Individuals had been requested to utilise the month of September to deposit or change their Rs 2000 banknotes to keep away from any rush on the final second.
Nevertheless, the RBI, primarily based on a evaluation, determined to increase the association for deposit and change till October 7, 2023. The Rs 2000 banknote was launched in November 2016, primarily to satisfy the forex 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)
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