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 This constitutes around 97.62% of the total withdrawn notes that have been returned to the banking system.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Initially, the deadline for exchanging or depositing the withdrawn notes in bank accounts was set for September 30, 2023, but it was later extended to October 7 of the same year.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.
#RBI #Banknotes #Currency #Withdrawal #Exchange #Deposit #IndianEconomy #FinancialNews #ReserveBankOfIndia #LegalTender #Demonetization #MoneyMatters #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn
This initiative supports the Abu Dhabi Wellbeing Strategy, improving quality of life and family wellbeing in our community...Read More.
The meeting reviewed the Arab Committee's 2024 annual report, monitored progress across working groups, and discussed international contributions to geospatial...Read More.
TerraPay teams up with Dubai Duty Free to enhance shopping for 100M+ customers worldwide.
Newcastle United reached their second League Cup final in three seasons, defeating Arsenal 2-0 at St
Cristiano Ronaldo turned 40 on Wednesday, claiming the title of greatest football player with 923 ca
Meghan Markle and Billie Eilish joined hands to surprise a teen who lost all in the Eaton fire, send
HH Sheikh Mohammed chaired the UAE Cabinet meeting at Qasr Al Watan, Abu Dhabi
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.
3001E, 30 Floor, Aspin Commercial Tower, Sheikh Zayed Road, Dubai, UAE
+971 52 602 2429
info@dxbnewsnetwork.com
© DNN. All Rights Reserved.