97.87 pc of Rs 2000 notes returned, Rs 7,581 cr still in circulation: RBI
Business | July 01, 2024 15:38 ISTThe Rs 2000 banknotes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1000 and Rs 500 banknotes.
The Rs 2000 banknotes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1000 and Rs 500 banknotes.
The RBI reported that 97.82% of Rs 2000 banknotes have returned, with only Rs 7,755 crore still with the public. Withdrawal was announced on May 19, 2023, with significant reduction in circulation since.
The total value of Rs 2,000 banknotes dropped drastically from Rs 3.56 lakh crore in May 2023 to just Rs 7,961 crore by April 30, 2024, indicating a substantial decline, according to RBI statements.
The Reserve Bank of India said the Rs 2,000 notes, that were in circulation till May 19, 2023, continue to be legal tender.
RBI business news: Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by Sept 30, 2023. The deadline was later extended to Oct 7, 2023. Deposit and exchange services at bank branches were discontinued on Oct 7.
The Reserve Bank of India said the Rs 2,000 notes, that were in circulation till May 19 this year, continue to be legal tender.
The Reserve Bank of India is also providing Triple Lock Receptacle(TLR) forms to individuals for a deposit of Rs 2,000 currency notes in their bank account. Scroll down to read the story in detail.
The Reserve Bank of India had announced the withdrawal of Rs 2,000 denomination banknotes from circulation on May 19, 2023. The Central bank said Rs 2,000 notes worth 10,000 crore are yet to return to the banking system.
The Rs 1,000 notes did not remain a legal tender after PM Modi announced demonetisation on November 8, 2016. There have been speculations of its re-introduction since RBI's announcement on the withdrawal of Rs 2,000 notes from circulation.
The Reserve Bank of India said that the decision was taken after the review. Earlier it had said that 90 per cent of the notes had already returned to the system.
Rs 2000 notes will remain legal tender even after September 30, but they will not be accepted for transactions. In such a situation, the remaining notes can be exchanged only with RBI.
Rs 2,000 banknotes available for use as at the end of business on July 31 stayed at Rs 0.42 lakh crore, the release said.
Shaktikanta Das had said around Rs 1.8 lakh crore worth of the Rs 2,000 notes in circulation had been returned, with the remaining balance being exchanged for deposits and deposits of 8 lakh crore.
The high court maintained it cannot be said that the government's decision is perverse or arbitrary or it encourages black money, money laundering, profiteering or abets corruption.
Delhi High Court dismisses plea by Ashwini Upadhyay against exchange of Rs 2000 notes without filling forms or showing id proof.
Delhi HC on Rs 2,000 notes: The bench of Justices Satish Chander Sharma and Subramonium Prasad said the court will pass the appropriate order while keeping the order reserved.
According to Das, the deadline was imposed primarily with the intention of encouraging people to return the notes.
Confusion is sought to be created even after the detailed RBI notification issued on Friday evening. Some opposition leaders are trying to project this as another round of demonetization. Some have claimed there will again be long queues outside banks for exchange of notes.
Rs 2,000 notes to be withdrawn: The demonetisation witnessed a number of stories some of them were hilarious while others were heart-rending.
RBI's announcement that it will withdraw Rs 2,000 notes triggered criticism from the Opposition leaders. Leading the attack against the Centre, Congress asked what about the promises made by the government in 2016 while releasing the note.
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