RBI Update On Rs 2000 Note: Last year on May 19, 2023, when the Reserve Bank of India announced the withdrawal of Rs 2000 notes from circulation, at that time a total of Rs 2,000 notes worth Rs 3.56 lakh crore were in circulation in the market.
2000 Currency Note: More than one and a half years have passed since the ban on pink notes of Rs 2000 in the country, but people are still holding these currency notes worth more than Rs 7000 crore. The Reserve Bank of India (RBI) gave a big update on these currency notes on the first day of October and said that since being taken out of circulation, 98 percent of the total Rs 2000 notes have been returned so far.
2% notes still awaited
On Tuesday, October 1, 2024, the central bank RBI shared the data of the return of Rs 2000 notes taken out of circulation and said that 98 percent of the notes of this value have returned to the banks. According to PTI, the Reserve Bank has said that people are still holding pink notes worth Rs 7,117 crore. After these notes were taken out of circulation, their return was rapid in the initial phase, but now they are coming back at a very slow pace.
How many notes returned since July
According to the data shared by the Reserve Bank of India on July 1, 2024, Rs 2000 notes worth Rs 7581 crore were left in the market, while even by September 1, this figure cannot come below 7000 crores. In these two months, only notes worth Rs 320 crore could be returned. At the same time, now looking at the data of October, the slow pace of note return can be clearly estimated. Whereas when these notes were banned in May 2023 last year, currency notes worth more than Rs 3.56 lakh crore were present in the market and by December 29, 2023, this figure had come down to Rs 9,330 crore.
When and why were 2000 notes discontinued?
Under the Clean Note Policy, RBI had announced the withdrawal of this 2000 rupees note of the highest value in circulation in the country on 19 May 2023. After this, the central bank had given time from 23 May to 30 September 2023 to return and exchange these notes in local banks and 19 RBI regional offices. However, after this this deadline was continuously extended.
You can still deposit 2000 notes
Let us tell you that these notes can still be exchanged, although this work will not be done in local banks. The central bank has already clarified that these pink notes withdrawn from circulation can be deposited in 19 RBI Offices located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram, apart from going to any of their nearest post offices through India Post.
These notes were introduced after the first demonetization
The central bank introduced Rs 2,000 denomination banknotes in November 2016, when the government had decided to ban the Rs 500 and Rs 1,000 notes in circulation. After this, the purpose of introducing Rs 2,000 banknotes was accomplished after sufficient quantities of other denomination banknotes became available. Therefore, printing of Rs 2,000 banknotes was discontinued in 2018-19, RBI said.
