The RBI’s 19 Issue Offices have exchange services for ₹2000 banknotes available since May 19, 2023, according to a statement from the central bank.
Mumbai, April 1st (PTI) Only Rs 8,202 crore worth of the removed bank notes are still in circulation, according to the Reserve Bank of India (RBI), which reported on Monday that almost 97.69% of the Rs 2000 denomination bank notes had been restored to the banking system.
The RBI declared on May 19, 2023, that banknotes with the denomination of Rs 2000 will no longer be in circulation.
As of March 29, 2024, 97.69% of the ₹2000 banknotes that were in circulation on May 19, 2023, have been returned, according to the Reserve Bank of India (RBI). The remaining banknotes were still considered legal currency.
An update on the withdrawal of banknotes having a face value of ₹2000 was given by the central bank. It was noted that the total value of the banknotes in circulation had dropped from ₹3.56 lakh crore on May 19, 2023, to ₹8202 crore on March 29, 2024.
The RBI’s 19 Issue Offices have exchange services for ₹2000 banknotes available since May 19, 2023, according to a statement from the central bank.
Individuals and corporations can now deposit ₹2000 banknotes into their bank accounts at RBI Issue Offices as of October 9, 2023.
In addition, the public is using India Post to mail ₹2000 banknotes to any RBI Issue Office nationwide from any post office for credit to their bank accounts.
On May 19, 2023, the RBI began the process of withdrawing ₹2000 banknotes because the goal of their introduction—to satisfy the economy’s need for currency following the removal of legal tender status from all ₹500 and ₹1,000 banknotes in circulation between November and December of 2016—was achieved once banknotes in other denominations were readily available in sufficient quantities.
Approximately 89% of the banknotes with a 2000 denomination were printed before March 2017 and are nearing the end of their four- to five-year projected lifespan. Additionally, it has been noted that transactions using this denomination are uncommon. Additionally, there are still enough banknotes in circulation in various denominations to supply the public’s need for currency.
“It has been decided to withdraw the ₹2000 denomination banknotes from circulation in light of the above and in compliance with the Reserve Bank of India’s ‘Clean Note Policy,'” the central bank declared in a statement on May 19, 2023.
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