The Reserve Bank of India (RBI) announced on Monday that the total value of Rs 2,000 bank notes in circulation had dwindled to Rs 9,330 crore, marking a decline to 2.62% of its initial value. As of December 29, 2023, 97.38% of the high-denomination notes, amounting to Rs 3.56 lakh crore on May 19, 2023, have been returned to banks.
Legal Tender Status
Despite the reduced circulation, the RBI emphasized that Rs 2,000 notes retain their legal tender status. Individuals can still exchange or deposit these notes at any of the 19 regional offices of the RBI situated across the country. Additionally, people can utilize India Post to send Rs 2,000 notes to any RBI office for deposit into their bank accounts.
Extended Deadline and Crowded RBI Offices
Originally, the RBI had set a deadline for exchanging or depositing Rs 2,000 notes by September 30, with an extension until October 7. Subsequently, individuals could only exchange or deposit these notes by visiting the 19 RBI offices from October 8 onwards. The extended deadline and specific locations led to noticeable crowds at these RBI offices during working hours.
Issuance and Discontinuation
The Rs 2,000 note was introduced in November 2016 after the discontinuation of existing Rs 1,000 and Rs 500 notes. The recent decline in circulation reflects ongoing efforts to manage currency dynamics and align with the changing needs of the economy.
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