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NEARLY 97.6% OF RS 2,000 NOTES RETURNED, RS 8,470 CRORE STILL IN CIRCULATION
The Business Guardian
|March 02, 2024
The decision to withdraw Rs 2000 banknotes came after their introduction in November 2016, following the demonetisation of the then-existing Rs 1000 and Rs 500 banknotes
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The Reserve Bank of India (RBI) reported that the total value of Rs 2000 banknotes in circulation has significantly declined to Rs 8470 crore as of February 29, 2024, following the announcement of their withdrawal on May 19, 2023. Nearly 97.6% of the Rs 2000 banknotes in circulation as of May 19, 2023, have since been returned, leaving only a fraction with the public.
Despite the withdrawal, Rs 2000 banknotes remain legal tender, and facilities for their exchange and deposit are available at the 19 RBI Issue Offices across the country. Individuals can also utilize India Post to send these banknotes to any RBI Issue Office for credit to their bank accounts.
Initially set for September 30, 2023, the deadline for exchanging or depositing Rs 2000 banknotes was extended to October 7, 2023. Deposit and exchange services at bank branches ceased on October 7, 2023, with individuals thereafter given the option to exchange the currency or have the equivalent amount credited to their bank accounts at RBI offices.
This story is from the March 02, 2024 edition of The Business Guardian.
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