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In a recent update, the Reserve Bank of India (RBI) shared that 97.26% of the Rs2000 banknotes in circulation as of May 19, 2023, have been successfully returned to the banking system.
The total value of these Rs2000 banknotes has undergone a significant reduction, decreasing from Rs3.56 lakh crore on May 19, 2023, to Rs9,760 crore by the close of business on November 30, 2023.
This withdrawal of Rs2000 denomination banknotes was implemented by the RBI as part of its clean note policy.
Read, Top 10 Ed-Techs Startups to Look Out for 2024
The facility for the deposit and exchange of Rs2000 banknotes was initially available at all bank branches until September 30, 2023, with an extension until October 07, 2023.
Additionally, individuals/entities could exchange these banknotes at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) starting May 19, 2023.
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From October 09, 2023, RBI Issue Offices not only facilitate the exchange of Rs 2000 denomination banknotes but also accept them for deposit to bank accounts.
Furthermore, the RBI announced that members of the public within the country can send Rs2000 banknotes through India Post, from any post office to any RBI Issue Office for credit to their bank accounts in India.
Introduced in November 2016 to meet the currency requirements after demonetization, the printing of Rs2000 banknotes ceased in 2018-19. Despite not being printed anymore, these notes remain legal tender, as confirmed by the RBI.
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In a recent update, the Reserve Bank of India (RBI) shared that 97.26% of the Rs2000 banknotes in circulation as of May 19, 2023, have been successfully returned to the banking system.
The total value of these Rs2000 banknotes has undergone a significant reduction, decreasing from Rs3.56 lakh crore on May 19, 2023, to Rs9,760 crore by the close of business on November 30, 2023.
Source: Fortune India
This withdrawal of Rs2000 denomination banknotes was implemented by the RBI as part of its clean note policy.
Read, Top 10 Ed-Techs Startups to Look Out for 2024
The facility for the deposit and exchange of Rs2000 banknotes was initially available at all bank branches until September 30, 2023, with an extension until October 07, 2023.
Additionally, individuals/entities could exchange these banknotes at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) starting May 19, 2023.
News Alert, Azhar Iqubal: Who converted a Facebook Page to India's Short Form New Application
From October 09, 2023, RBI Issue Offices not only facilitate the exchange of Rs 2000 denomination banknotes but also accept them for deposit to bank accounts.
Furthermore, the RBI announced that members of the public within the country can send Rs2000 banknotes through India Post, from any post office to any RBI Issue Office for credit to their bank accounts in India.
Introduced in November 2016 to meet the currency requirements after demonetization, the printing of Rs2000 banknotes ceased in 2018-19. Despite not being printed anymore, these notes remain legal tender, as confirmed by the RBI.
Visit, Eshan College of Engineering!
