Mumbai, Nov 4: The Reserve Bank of India (RBI) announced a significant update on the status of the Rs 2000 banknotes. As of October 31, 2024, an impressive 98.04 per cent of these notes, in circulation since May 19, 2023, have been returned. This has reduced the total value of such notes outside the banking system to Rs 6970 crore. Initially, the total value of Rs 2000 banknotes was Rs 3.56 lakh crore when the withdrawal was announced.
Despite their withdrawal, the Rs 2000 banknotes continue to be legal tender. Since May 19, 2023, the 19 RBI Issue Offices have been facilitating the exchange of these banknotes. From October 9, 2023, these offices also began accepting them for deposit into personal or entity bank accounts. Additionally, the public can send Rs 2000 notes via India Post to RBI Issue Offices for account credit.
The Rs 2000 banknote, introduced in November 2016, served to meet urgent currency demands following the demonetization of Rs 500 and Rs 1000 notes. With adequate banknotes now available in other denominations and the Rs 2000 notes nearing the end of their 4-5-year lifespan, their printing ceased in 2018-19. The denomination is also rarely used for everyday transactions.
The RBI’s decision to withdraw the Rs 2000 notes aligns with its ‘Clean Note Policy’, which aims to ensure the circulation of good quality currency. The last status update on this withdrawal was published on October 1, 2024, with the deposit or exchange facility at all banks open until October 7, 2023. The RBI continues to provide periodic updates on this matter to keep the public informed.
Original Story https://theshillongtimes.com/2024/11/04/over-98-per-cent-of-rs-2000-notes-have-been-returned-rbi/
Category : Economy,NATIONAL,News Alert
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Publish Date: 2024-11-04 18:24:00
