2000 Rupees Note: Releasing a new update on currency notes of Rs 2,000, RBI said that 88 per cent of the higher denomination notes have been returned.
2000 Rupees Note: The Reserve Bank of India (RBI) revealed that 88 percent of the country’s largest currency note i.e. Rs 2,000 has come back to the banks after the decision to withdraw it from circulation. It was told that notes worth Rs 3.14 lakh crore have been returned.
The RBI had announced in May that these high denomination notes were being withdrawn. By September 30, you can convert them in banks or you can also deposit them in your account.
Currently, these notes worth Rs 420 crore are in circulation. The RBI said data collected from major banks showed that around 87 per cent of the banknotes received by the lenders were deposited, while only around 13 per cent were the notes that people went to the banks to exchange them for other notes. .
It may be noted that the high-value Rs 2,000 notes were introduced after demonetisation in 2016 to replenish cash in the market.
Before announcing the withdrawal of Rs 2,000 notes earlier this year, the RBI had expressed its willingness to phase out higher denomination notes in circulation. Significantly, the printing of Rs 2,000 notes was stopped about four years ago.
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On May 19, RBI had announced to bring back Rs 2000 notes. The central bank has urged people to deposit Rs 2,000 notes in their possession with banks or exchange them for other notes by September to avoid any inconvenience. The government has cleared its position on extending the deadline for depositing Rs 2000 notes. The last date for submitting it will remain 30 September.
