The Reserve Bank of India (RBI) has announced that by July 31, 2024, 97.92% of ₹2,000 banknotes in circulation have been returned. Here are the key points from the report:
Key Highlights
- Circulation Reduction: The total value of ₹2,000 notes in circulation decreased significantly from ₹3.56 lakh crore on May 19, 2023, to ₹7,409 crore by July 31, 2024.
- Legal Tender Status: Despite the withdrawal, ₹2,000 banknotes remain legal tender.
- Reason for Withdrawal: The primary reason for withdrawing these notes was their infrequent use in transactions.
- Sufficiency of Other Denominations: The RBI has ensured that there are enough other denomination banknotes to meet the public’s currency needs.
- Clean Note Policy: This action is part of the RBI’s “Clean Note Policy,” aimed at ensuring the quality of currency notes in circulation.
- Deposit and Exchange Facility:
- Until October 07, 2023, people could deposit and exchange ₹2,000 banknotes at all bank branches.
- After this date, the notes could be exchanged at 19 RBI Issue Offices.
- Post-October 09, 2023, the RBI Issue Offices began accepting ₹2,000 banknotes for deposit into bank accounts.
- India Post Service: The public can send ₹2,000 banknotes via India Post from any post office to RBI Issue Offices for credit to their bank accounts.
This initiative by the RBI aims to streamline currency usage and maintain the quality of notes in circulation while ensuring the public’s currency needs are met effectively.
