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In a recent announcement, the Reserve Bank of India (RBI) revealed that a staggering 97.76% of the ₹2000 denomination banknotes have made their way back into the banking system. This revelation comes amidst the backdrop of the RBI’s decision to withdraw these high-value banknotes from circulation back in May 19, 2023.
Since the announcement of the withdrawal, the total value of ₹2000 banknotes in circulation has seen a significant decline. From ₹3.56 lakh crore at the close of business on May 19, 2023, the value has dwindled to ₹7,961 crore as of April 30, 2024, as per the RBI’s statement.
The RBI emphasized that despite the substantial return of these banknotes, they continue to retain their status as legal tender. Individuals still possess the option to deposit and/or exchange their ₹2000 banknotes at any of the 19 RBI offices situated across the country. Moreover, people can utilize India Post services to send ₹2000 banknotes from any post office to the RBI Issue Offices for crediting the amount to their bank accounts in India.
The 19 RBI offices facilitating the deposit/exchange of these banknotes span major cities including Ahmedabad, Bengaluru, Mumbai, New Delhi, and Kolkata, among others.
Introduced in November 2016 in the aftermath of demonetization, the ₹2000 banknotes were part of the government’s efforts to revamp the currency system and curb the circulation of high-value currency notes like the then-prevailing ₹1000 and ₹500 denominations.
The RBI’s latest disclosure underscores the evolving dynamics of currency circulation and reflects the efficacy of measures aimed at regulating the monetary landscape of the nation.
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