The Reserve Financial institution of India (RBI) revealed that as of Could 2, 97.76% of the Rs 2,000 foreign money notes in circulation since Could 19, 2023, have been reintegrated into the banking system. The full worth of Rs 2,000 banknotes dropped considerably from Rs 3.56 lakh crore in Could 2023 to simply Rs 7,961 crore by April 30, 2024, marking a considerable decline, in response to RBI statements.
Clear observe coverage
The withdrawal of high-value Rs 2,000 denomination banknotes was a part of the RBI’s clear observe coverage initiative, aiming to streamline the foreign money circulation.
Alternate services
Initially, the alternate and deposit of Rs 2,000 banknotes have been obtainable in any respect financial institution branches till October 7, 2023. Since Could 19, 2023, people and entities have been capable of alternate these notes at 19 RBI Challenge Places of work.
Submit workplace deposits
Since October 9, 2023, RBI Challenge Places of work have additionally been accepting Rs 2,000 banknotes from people and entities for deposit into their financial institution accounts. Moreover, members of the general public throughout the nation can ship Rs 2,000 banknotes by way of India Submit to any RBI Challenge Workplace for credit score to their accounts.
Historic context
Launched in November 2016 to expedite assembly the economic system’s foreign money wants after the withdrawal of Rs 500 and Rs 1,000 notes, the Rs 2,000 banknotes served their function till different denominations grew to become adequately obtainable. Consequently, the printing of Rs 2,000 banknotes ceased in 2018-19.
Authorized tender standing
Regardless of the decline in circulation and cessation of printing, Rs 2,000 banknotes will stay authorized tender, making certain their continued acceptance in transactions, as affirmed by the RBI.
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