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97.26% of Rs 2000 notes backed, RBI affirms currency's legal status

The RBI had initially permitted the public to deposit or exchange Rs 2000 banknotes at all bank branches across the country, setting the deadline for this exchange at September 30, 2023, which was later extended to October 7, 2023.

97 26 per cent of Rs 2000 notes backed, RBI affirms currency's legal status AJR
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First Published Dec 1, 2023, 12:17 PM IST

The Reserve Bank of India on Friday (December 1) released data revealing that 97.26% of the Rs 2,000 banknotes have re-entered the banking system. Alongside this revelation, the RBI emphasized that the Rs 2,000 denomination, previously in circulation until May 19 this year, remains a valid legal tender.

This announcement came following the apex bank's decision to withdraw the Rs 2000 denomination banknotes from circulation on May 19 this year. At that time, the notes in circulation were valued at Rs 3.56 lakh crore. By November 30, the value had substantially dropped to Rs 9,760 crore.

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"The total value of Rs 2000 banknotes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 9,760 crore as at the close of business on November 30, 2023. Thus, 97.26% of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," the RBI stated in a release.

The RBI had initially permitted the public to deposit or exchange Rs 2000 banknotes at all bank branches across the country, setting the deadline for this exchange at September 30, 2023, which was later extended to October 7, 2023.

Despite the deadline for exchanging the Rs 2000 notes expiring on October 7, the facility to exchange these notes is still available at the RBI's 19 offices.

"The facility for exchange of the Rs 2000 banknotes was also available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 from May 19, 2023. From October 09, 2023, RBI Issue Offices, in addition to exchanging Rs 2000 denomination banknotes across the counters, are also accepting Rs 2000 banknotes from individuals/entities for deposit to their bank accounts," the statement explained.

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It further mentioned that individuals from within the country can send Rs 2000 banknotes through India Post from any post office in the country to any of the RBI Issue Offices for credit to their bank accounts in India.

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