The Reserve Financial institution of India (RBI), on Monday, stated that almost 97.38 per cent of the Rs 2,000 financial institution notes have been returned to the banking system, and solely about Rs 9,330 crore value of the notes are nonetheless with the general public.
On Might 19, the RBI introduced the withdrawal of Rs 2,000 denomination financial institution notes from circulation.
“The overall worth of Rs 2,000 financial institution notes in circulation, which amounted to Rs 3.56 lakh crore as on the shut of enterprise on Might 19, 2023, when the withdrawal of Rs 2,000 financial institution notes was introduced, has declined to Rs 9,330 crore as on the shut of enterprise on December 29, 2023,” the RBI stated in an announcement.
Thus, 97.38 per cent of the high-value forex in circulation as of Might 19, 2023, has since been returned to the banking system, it added.
“The Rs 2,000 financial institution notes proceed to be authorized tender,” the RBI added.
Individuals can deposit and/or alternate Rs 2,000 financial institution notes on the 19 RBI workplaces throughout the nation. Individuals may ship Rs 2,000 financial institution notes by way of India Put up from any publish workplace to any of the RBI Challenge Workplaces for credit score to their financial institution accounts in India.
Public and entities holding such notes had been initially requested to both alternate or deposit them in financial institution accounts by September 30. The deadline was later prolonged to October 7. Deposit and alternate providers at financial institution branches had been discontinued on October 7.
Beginning October 8, people have been supplied with the selection of both exchanging the forex or having the equal sum credited to their financial institution accounts on the 19 workplaces of the RBI.
In the meantime, queues are being witnessed throughout working hours on the RBI workplaces for alternate/deposit of Rs 2,000 notes.
The 19 RBI workplaces depositing/exchanging the financial institution notes are 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 financial institution notes had been launched in November 2016 following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 financial institution notes.
