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Rs 12,000 Crore Of Rs 2,000 Currency Notes Still In Circulation: RBI

Rs 12,000 Crore Of Rs 2,000 Currency Notes Still In Circulation: RBI
  • PublishedOctober 6, 2023

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Rs 12,000 Crore Of Rs 2,000 Currency Notes Still In Circulation: RBI

RBI announced to withdraw the Rs 2,000 note on May 19 (Representational)

Mumbai:

Governor Shaktikanta Das on Friday said Rs 3.43 lakh crore of Rs 2,000 denomination notes have come back to the system so far, and reminded the public that they can return the withdrawn notes at 19 RBI offices from October 8. Addressing the customary post-policy press meet here, Mr Das said 87 per cent of the notes that have been returned have been deposited into bank accounts, while the rest have been exchanged over the counter.

At present, over Rs 12,000 crore of notes are still in circulation, Mr Das said, reiterating that the notes can be returned even after the end of the extended period.

It can be noted that on May 19, the RBI surprised all by announcing its intent to withdraw the Rs 2,000 note introduced in 2016 for quick remonetisation, following Prime Minister Narendra Modi’s announcement to suck out over 88 per cent of the currency in circulation by banning the Rs 500 and Rs 1,000 notes.

The RBI, which had initially given time till September 30, to get the notes deposited or exchanged, extended the same by a week till October 7, on the last date.

Maintaining that the notes continue to be legal tender, the RBI also announced a new system for getting them deposited or exchanged.

“… thereafter (from October 8) it can be, you know, deposited in or exchanged in the Reserve Bank in the issue offices of the Reserve Bank, which is there in almost every state capital we have a presence. So there are 19 of them,” Mr Das told reporters on Friday.

He added that the original objective of withdrawing the notes, which was also driven by the need to take care of old notes, has been “largely met”.

Mr Das also said that the postal department’s services can be availed in case someone cannot travel to the RBI offices. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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