Rs 2,000 note: The deadline to exchange or deposit the Rs 2,000 note is inching closer in India. The facility to exchange or deposit the notes shall be available to the common public only up to September 30 (Saturday).
The change came into action after the Reserve Bank of India (RBI) in the month of May announced to discontinue circulation of 2,000 rupee notes as people are facing issues in exchanging a big number on a daily basis.
RBI has asked to exchange or deposit the remaining Rs 2,000 note to banks with a deadline. But, it should be noted that the Rs 2,000 rupee note doesn’t lose its value in the market and remains a valid tender.
2,000 rupee notes deposits made in RBI:
The Reserve Bank of India said that as much as 93 per cent of Rs 2,000 currency notes that were in circulation on May 19- the day when the currency was withdrawn from circulation- have been returned to banks.
According to the data received from the banks, the total value of Rs 2,000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023, it said in a statement, released in early September.
"Consequently, Rs 2,000 banknotes in circulation as at the close of business on August 31 stood at Rs 0.24 lakh crore. Thus, 93 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, have since been returned," it added.
Data collected from major banks indicates that out of the total banknotes in Rs 2,000 denomination received back from circulation, about 87 per cent is in the form of deposits and the remaining around 13 per cent has been exchanged into other denomination banknotes.
When 2,000 notes withdrawal was announced?
The Reserve Bank of India announced the withdrawal of Rs 2,000 banknotes from circulation on May 19.
The total value of Rs 2,000 banknotes in circulation, which amounted to Rs 3.62 lakh crore on March 31, 2023, had declined to Rs 3.56 lakh crore as at the close of business on May 19, 2023. RBI requested the members of the public holding the high-value banknote to utilise the remaining period until September 30, to deposit and/or exchange them.
When Rs 2,000 notes were launched in India?
Rs 2,000 notes were introduced in 2016 by the Bharatiya Janata Party (BJP) government after the demonetisation of Rs 500 and Rs 1,000 notes. The 2016 note ban was aimed at tackling one of the biggest issues for the country- corruption through black money in the market.
(With agencies inputs)