RBI Reports ₹2000 Notes Worth ₹9760 Crore Remain Undeposited or Exchanged
The Reserve Bank of India reveals that ₹2000 denomination banknotes worth ₹9760 crore remain unaccounted for since their withdrawal from circulation, representing 97.26% of the total value in circulation as of May 19, 2023. Despite extensions for deposit or exchange, a substantial portion of these notes remains undeposited.
The Reserve Bank of India (RBI) has disclosed that a substantial amount of ₹2000 denomination banknotes, totaling ₹9760 crore, have not been deposited or exchanged since their withdrawal from circulation on May 19 this year. The RBI’s statement reveals that 97.26 percent of the banknotes in circulation by May 19, 2023, have been returned, marking a significant reduction in the value of these notes.
As of November 30, 2023, the value of ₹2000 notes in circulation has seen a drastic decline from ₹3.56 lakh crore on May 19, 2023, to ₹9760 crore. The RBI’s announcement highlights that the vast majority of the ₹2000 banknotes in circulation have been returned, accounting for 97.26% of the total value as of May 19, 2023.
The RBI had initially allowed individuals to deposit or exchange ₹2000 banknotes at all bank branches nationwide, setting a deadline of September 30, 2023, which was later extended to October 7, 2023. Despite the legal tender status of these notes, a significant portion remains unaccounted for.
While the last date for exchanging ₹2000 notes expired on October 7, the RBI continues to offer the facility for exchanging these banknotes at its 19 Issue Offices. Additionally, from October 9, 2023, these offices started accepting ₹2000 banknotes for deposit into individuals’ bank accounts.
The RBI’s statement further elucidated that individuals within the country can utilize India Post services to send ₹2000 banknotes to any RBI Issue Office for crediting the amount to their bank accounts.
This revelation underscores the ongoing situation regarding the return and exchange of ₹2000 denomination banknotes, signaling a significant disparity in the amount of currency yet to be accounted for despite the withdrawal announcement earlier in the year.
Sources By Agencies
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