Sunday, February 25, 2024

    RBI Reveals INR 9,760 Crore Worth of Rs 2,000 Notes Still in Public Hands

    Despite the discontinuation announcement in May, a significant amount of high-denomination notes remains in circulation.


    The Reserve Bank of India (RBI) has reported that nearly 97.26 percent of the Rs 2,000 denomination bank notes, amounting to Rs 9,760 crore, are still in the possession of the public. This revelation comes despite the RBI’s announcement on May 19, 2023, regarding the discontinuation of Rs 2,000 bank notes in circulation.

    As of the withdrawal declaration date, the total value of Rs 2,000 bank notes in circulation was Rs 3.56 lakh crore. However, the latest figures from November 30, 2023, indicate a significant reduction to Rs 9,760 crore.

    Initially, individuals and entities holding these notes were advised to exchange or deposit them in bank accounts by September 30. Following an extension, the deadline was prolonged until October 7, after which bank branches ceased deposit and exchange services. Since October 8, people have been given the option to either exchange the currency or have the equivalent amount credited to their bank accounts at any of the 19 RBI offices across various cities.

    Despite the discontinuation, queues are still observed during working hours at RBI offices, where individuals can deposit or exchange Rs 2,000 notes. The designated RBI offices for these services are located in major cities, including Ahmedabad, Bengaluru, Mumbai, New Delhi, and Thiruvananthapuram.

    Neha Raj
    Neha uses his broad range of knowledge to help explain the latest gadgets and if they’re a must-buy or a fad fueled by hype. Though her specialty is writing about everything going on in the world of virtual reality and augmented reality.



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