Rs 2,000 notes totalling Rs 9,760 cr still with public: RBI
Dec 1, 2023
Synopsis
The Reserve Bank of India (RBI) has announced that approximately 97.26% of the Rs 2,000 banknotes, amounting to around Rs 9,760 crore, have been returned to the banking system. The withdrawal of the Rs 2,000 denomination banknotes was declared on May 19, with the total value in circulation dropping from Rs 3.56 lakh crore on that date to the current amount.
Central bank Reserve Bank of India (RBI) on Friday said that around 97.26% of the Rs 2,000 banknotes have been put back into the banking system, leaving only around Rs 9,760 crore worth of the notes in public circulation. The RBI had declared the withdrawal of Rs 2,000 denomination banknotes from circulation on May 19.
"The total value of Rs 2,000 bank notes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of Rs 2,000 bank notes was announced, has declined to Rs 9,760 crore as at the close of business on November 30, 2023," the RBI said in a statement.
97.26 per cent of the high-value currency in circulation as on May 19, 2023, has since been returned to the banking system, it added.
"The Rs 2,000 bank notes continue to be legal tender," the RBI added.
People have the option to deposit or exchange Rs 2,000 banknotes at 19 RBI offices nationwide. Another method is sending the notes through India Post from any post office to any RBI Issue Office for crediting to their bank accounts. Initially, the deadline for exchange or deposit was September 30, later extended to October 7, after which services at bank branches ceased.
Since October 8, individuals have had the option to choose either exchange or credit services at the 19 RBI offices.
Long queues have been observed during working hours at these offices. The 19 RBI offices accepting these bank notes are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. The Rs 2,000 bank notes were introduced in November 2016 after the demonetization of the Rs 1,000 and Rs 500 notes at that time.
[The Economic Times]
