Around 97.26% of the ₹2,000 denomination banknotes in circulation as of May 19, 2023, have been returned so far, the Reserve Bank of India (RBI) said on Friday, December 1. With this, the total value of ₹2,000 banknotes in circulation has declined to ₹9,760 crore as of the close of business on November 30, 2023, the central bank said.
This move aligns with the RBI's announcement on May 19, 2023, regarding the withdrawal of the ₹2000 denomination banknotes from circulation. The RBI has continuously updated the status of the withdrawal process.
Initially, the facility for deposit and/or exchange of the ₹2,000 banknotes was accessible at all bank branches nationwide until September 30, 2023. This deadline was extended to October 7, 2023. Furthermore, the exchange facility was available at the 19 issue offices of the RBI from May 19, 2023.
From October 9, 2023, these RBI issue offices expanded their services to accept ₹2,000 denomination banknotes for deposit into individuals' or entities' bank accounts. Additionally, the public within the country can send ₹2,000 banknotes through India Post from any post office to any RBI issue office for crediting into their bank accounts.
The decline in the total value of ₹2,000 banknotes in circulation from ₹3.56 lakh crore as of May 19, 2023, to ₹9,760 crore as of November 30, 2023, signifies the massive return of these notes to the banking system.
It's important to note that despite the withdrawal announcement, ₹2,000 banknotes continue to be legal tender.
The central bank introduced ₹2,000 banknotes in November 2016 to address the economy's currency needs following the withdrawal of legal tender status for all ₹500 and ₹1,000 banknotes in circulation at that period.
As other denominations became sufficiently available, fulfilling the objective of introducing ₹2,000 banknotes, the printing of these notes ceased in the financial year 2018-19.
(Edited by : Amrita)
First Published: Dec 1, 2023 1:00 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
In Ayodhya, voters talk of a promise fulfilled and yearning for development
May 17, 2024 2:10 PM
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM
Odisha: Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 10:22 AM
Lok Sabha Election 2024: What rural Delhi wants
May 16, 2024 10:10 PM