Nearly 97.69 per cent of the Rs 2,000 denomination bank notes withdrawn from circulation in May 2023 by the Reserve Bank of India (RBI) have returned to the banking system, and only Rs 8,202 crore worth of the withdrawn notes are still with the public, the RBI said on Monday.
The total value of Rs 2,000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 8,202 crore at the close of business on March 29, 2024, the central bank said in a statement. The Rs 2,000 banknotes continue to be legal tender.
People can deposit and/or exchange Rs 2,000 bank notes at 19 RBI offices across the country. People can also send Rs 2,000 bank notes through India Post from any post office to any of the RBI Issue Offices for credit to their bank accounts in India.
Public and private entities holding such notes were initially asked to either exchange or deposit them in bank accounts by 30 September, 2023. The deadline was later extended to 7 October, 2023. Deposit and exchange services at bank branches were discontinued on 7 October, 2023. Starting 8 October, 2023, individuals have been provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 offices of the RBI.
The RBI, which entered the 90th year from its establishment on 1 April, 1935, The Reserve Bank’s evolution as an institution, has been closely intertwined with the development of the Indian economy.
Shaktikanta Das, Governor, RBI, tracing the Bank’s growth from being a central bank primarily concerned with allocation of scarce resources during the planning period, to being an enabler for the market economy, has emphasised that the RBI has emerged as a symbol of stability, resilience, and commitment to the welfare of citizens.
“As we move towards RBI@100, the Reserve Bank remains focused on ensuring a stable and strong financial system that would act as a bedrock for our country’s economic progress,” Das said at the commemoration ceremony, highlighting the RBI’s endeavour to promote a financial sector that is robust, resilient and future ready. He assured that given the rapid changes taking place in today’s world, especially in the areas of technology, innovation, business practices and growing complexities in the financial sector, the Reserve Bank is constantly evaluating the emerging trends and taking necessary policy measures to remain in sync with the evolving situation.