Contact Members/Sign Up Reg Form

RBI: Over 97% of ₹ 2,000 notes returned since May 2023.

Photo-The Hindu

The Reserve Bank of India (RBI) announced on March 1 that approximately ₹8,470 crore worth of ₹2,000 banknotes are still in circulation among the public. This constitutes around 97.62% of the total withdrawn notes that have been returned to the banking system. Notably, the RBI had declared the withdrawal of ₹2,000 denomination banknotes from circulation on May 19 of the previous year.

According to the official statement released by the RBI, individuals and entities have the option to exchange or deposit the ₹2,000 banknotes at the 19 Issue Offices of the Reserve Bank since May 19, 2023. Additionally, from October 9, 2023, the RBI Issue Offices have been accepting ₹2,000 banknotes from individuals and entities for deposit into their bank accounts. Furthermore, members of the public can send ₹2,000 banknotes through India Post from any post office within the country to any of the RBI Issue Offices for credit to their bank accounts. These 19 RBI offices are situated across various cities in India.

Initially, the deadline for exchanging or depositing the withdrawn notes in bank accounts was set for September 30, 2023, but it was later extended to October 7 of the same year. On October 7, 2023, deposit and exchange services for ₹2,000 notes at bank branches were discontinued. However, from October 8, 2023, individuals were given the option to either exchange the currency or have the equivalent sum credited to their bank accounts, which can be done at the 19 offices of the RBI.

Providing further insight, the RBI shared that the total value of ₹2,000 banknotes in circulation, which was ₹3.56 lakh crore as of May 19, 2023, has decreased to ₹8,470 crore as of February 29, 2024. This signifies that 97.62% of the ₹2,000 banknotes in circulation as of May 19, 2023, have been returned, while reaffirming that ₹2,000 banknotes continue to be legal tender.

The introduction of ₹2,000 banknotes took place in November 2016, following the demonetisation of the then-prevailing ₹1,000 and ₹500 banknotes.

March 4, 2024 3:12 p.m. 12569

#RBI #Banknotes #Currency #Withdrawal #Exchange #Deposit #IndianEconomy #FinancialNews #ReserveBankOfIndia #LegalTender #Demonetization #MoneyMatters #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn

Family Care Authority and UAE Climate Group Host Nature-Inspired Events

uae news / uae-national
Feb. 6, 2025 5:21 p.m. 363

This initiative supports the Abu Dhabi Wellbeing Strategy, improving quality of life and family wellbeing in our community...Read More.

12th UN-GGIM Arab States Committee Meeting Ends in Jeddah

global news / world news
Feb. 6, 2025 5:09 p.m. 362

The meeting reviewed the Arab Committee's 2024 annual report, monitored progress across working groups, and discussed international contributions to geospatial...Read More.

Family Care Authority and UAE Climate Group Host Nature-Inspired Events

This initiative supports the Abu Dhabi Wellbeing Strategy, improving quality of life and family wellbeing in our community

12th UN-GGIM Arab States Committee Meeting Ends in Jeddah

The meeting reviewed the Arab Committee's 2024 annual report, monitored progress across working groups, and discussed international contributions to geospatial

Priyanka Chopra Stuns in Pink Diamond Necklace at Brother’s Wedding

Priyanka Chopra dazzles in floral corset lehenga and rare pink diamond necklace at her brother Siddharth's wedding

The Chedi unveils debut Dubai launch with exclusive standalone residences

These homes offer villa-sized layouts with 3.2-meter high ceilings, private entrances, and large terraces with stunning panoramic views of the Dubai skyline

Kasco Developments launches its third residential project in Dubai

Located along Al Jaddaf Waterfront, Volna is an 11-floor building with 65 well-designed homes

Google unveils Thinking model with Gemini after OpenAI, DeepSeek

Google has launched the Gemini 2.0 Flash Thinking Experimental model for app and desktop users

Google Stops Diversity Hirings After Trump's Sledgehammer on DEI Policies

Google stated it is reviewing Trump’s policy changes, which aim to limit DEI efforts in the government and among federal contractors

Ozzy Osbourne to reunite with Black Sabbath after 20 years apart

Black Sabbath's original lineup, featuring Ozzy Osbourne, will reunite for a one-off concert in Birmingham, England, on July 5, marking their first performance

UAE Top Bank FAB Surpasses Q4 Revenue Estimates with Strong Performance

First Abu Dhabi Bank (FAB), the UAE's largest lender by assets, exceeded fourth-quarter profit forecasts on Thursday, fueled by a strong double-digit revenue gr

Oscars Frontrunner ‘Emilia Perez’ Faces Major Setback in Award Season

After a record number of Oscar nominations, ‘Emilia Perez’ faces scandal due to past social media posts by star Karla Sofia Gascon.

Get In Touch

3001E, 30 Floor, Aspin Commercial Tower, Sheikh Zayed Road, Dubai, UAE

+971 52 602 2429

info@dxbnewsnetwork.com

LAUNCH OF DNN
Follow Us

© DNN. All Rights Reserved.