RBI says ₹2,000 banknotes worth ₹9,760 crore still in circulation
The Hindu
About 2.7% of just-withdrawn ₹2,000 banknotes are still in circulation, about two months after the deadline to deposit or exchange them at bank branches is over.
The Reserve Bank of India on December 1 reported a drop in the total value of ₹2,000 banknotes in circulation to ₹9,760 crore, with 97.26% returned.
About 2.7% of just-withdrawn ₹2,000 banknotes are still in circulation, about two months after the deadline to deposit or exchange them at bank branches is over.
Also read | October 7 deadline to exchange ₹2,000 notes
The RBI had announced the withdrawal of ₹2,000 denomination banknotes from circulation on May 19 this year. The last day for the public to avail of exchange or to deposit high-value ₹2,000 banknotes at the banks was October 7.
“The total value of ₹2,000 banknotes in circulation, which amounted to ₹3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of ₹2,000 banknotes was announced, has declined to ₹9,760 crore as at the close of business on November 30, 2023. Thus, 97.26% of the ₹2,000 banknotes in circulation as on May 19, 2023, has since been returned,” it said in a release.
The total value of ₹2,000 banknotes in circulation was ₹3.56 lakh crore at the close of business on May 19, 2023, the date on which RBI decided to withdraw the banknote. As of November 30, it was at ₹9,760 crore.
“The facility for exchange of the ₹2000 banknotes was also available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) from May 19, 2023. From October 09, 2023, RBI Issue Offices, in addition to exchanging ₹2000 denomination banknotes across the counters, are also accepting ₹2000 banknotes from individuals/entities for deposit to their bank accounts. Further, members of the public from within the country can send ₹2000 banknotes through India Post from any post office in the country, to any of the RBI Issue Offices for credit to their bank accounts in India,” read the statement.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
L&T confirms 95% of its West Asia project sites are safe, while addressing logistics challenges amid ongoing regional conflicts.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
HDFC Bank terminates three senior officials over client onboarding issues at its DIFC branch amid ethical concerns following chairman's resignation.
Air India CEO warns of potential flight cuts and reduced travel demand due to rising fuel costs amid ongoing Gulf conflict.
Options are widely used by retail traders to speculate on the value of the stock for immediate gains and such behaviour in large scale can distort the market
India achieves 1 billion tonne coal production for the second consecutive year, ensuring stable energy supply and economic growth.
Generic drugmakers in India launch affordable Semaglutide versions, targeting a $1 billion diabetes and weight loss market.
Indian and Asian refiners eye Iranian oil purchases as U.S. waives sanctions amid energy crisis linked to the Iran-Israel war.
Iran war impacts pesticide prices, warning of a 20-25% rise and increased risk of counterfeit products during the kharif season.
India's forex reserves fell by $7 billion to $709.76 billion, according to RBI data for the week ending March 13.