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he Reserve Bank of India (RBI) has disclosed that 97.87% of the ₹2,000 denomination banknotes, amounting to ₹3.56 lakh crore in value,
NEW DELHI: The Reserve Bank of India (RBI) has disclosed that 97.87% of the ₹2,000 denomination banknotes, amounting to ₹3.56 lakh crore in value, have been returned to the banking system since the announcement of their withdrawal on May 19, 2023.
As of June 28, 2024, only ₹7,581 crore worth of these notes remain in circulation, marking a significant decline from their initial circulation value.
In a statement released on July 1, the RBI clarified that despite the withdrawal announcement, ₹2,000 banknotes continue to be legal tender. The central bank initiated the withdrawal to manage currency circulation effectively and ensure optimal currency denomination mix.
The process of depositing or exchanging these banknotes was facilitated at all bank branches nationwide until October 7, 2023. Since May 19, 2023, individuals and entities have been able to exchange these notes at the 19 Issue Offices of the Reserve Bank. Starting October 9, 2023, these offices have also been accepting ₹2,000 banknotes for deposit into bank accounts.
RBI’s decision to withdraw ₹2,000 banknotes aimed to curb issues related to high denomination currency, including challenges in transactions and potential illicit activities. The move aligns with the central bank’s broader objectives of promoting secure and efficient payment systems across the country.
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The Issue Offices where these transactions are facilitated include Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
This strategic initiative by the RBI underscores its commitment to maintaining the integrity and reliability of India’s currency system, ensuring it meets the evolving needs of the economy and the public. The remaining ₹7,581 crore in circulation reflects ongoing adjustments in cash usage patterns and preferences among the populace.
The RBI’s announcement reaffirms that despite the withdrawal, ₹2,000 banknotes remain valid for transactions across the country. As the banking system continues to accommodate these notes for deposit and exchange, the central bank encourages individuals and entities holding such notes to utilize the available facilities at RBI Issue Offices and bank branches.
