Introduction:
The recent update from the Reserve Bank of India (RBI) reveals that as of April 30, 2024, over 97% of the Rs 2000 denomination banknotes have been returned, with Rs 7,961 crore still in circulation among the public.
Withdrawal Announcement:
The RBI announced the withdrawal of ₹2000 denomination banknotes through Press Release 2023-2024/257 on May 19, 2023, aiming to manage currency circulation effectively.
Deposit and Exchange Facilities:
Initially, individuals could deposit and/or exchange ₹2000 banknotes at all bank branches nationwide until October 07, 2023. Later, exchange services were centralized to the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) from May 19, 2023. Additionally, from October 09, 2023, individuals/entities could deposit ₹2000 banknotes directly into their bank accounts through RBI Issue Offices. Moreover, the public could send ₹2000 banknotes via India Post to any RBI Issue Office for crediting to their accounts.
Current Circulation Status:
The total value of ₹2000 banknotes in circulation, which stood at ₹3.56 lakh crore when the withdrawal was announced, has dwindled to ₹7,961 crore by April 30, 2024.
This signifies that 97.76% of the ₹2000 banknotes in circulation as of May 19, 2023, have been returned.
Conclusion:
The RBI’s efforts to manage the circulation of Rs 2000 banknotes have significantly reduced their availability in the market. However, these notes continue to hold their legal tender status, ensuring seamless transactions for the public. Stay informed with eFileTax for more updates on financial regulations and developments in India. 🏦💰
FAQ:
1. What is the current status of Rs 2000 notes according to RBI?
As per the latest update from the Reserve Bank of India (RBI), over 97% of the Rs 2000 denomination banknotes have been returned, with Rs 7,961 crore still in circulation among the public as of April 30, 2024.
2. When did RBI announce the withdrawal of Rs 2000 notes?
The RBI announced the withdrawal of ₹2000 denomination banknotes through Press Release 2023-2024/257 on May 19, 2023.
3. What facilities were available for deposit and exchange of Rs 2000 notes?
Initially, individuals could deposit and/or exchange ₹2000 banknotes at all bank branches nationwide until October 07, 2023. Later, exchange services were centralized to the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) from May 19, 2023. Additionally, from October 09, 2023, individuals/entities could deposit ₹2000 banknotes directly into their accounts through RBI Issue Offices. Moreover, the public could send ₹2000 banknotes via India Post to any RBI Issue Office for crediting to their accounts.