97.69% of ₹2,000 notes as of March 29 2024 returned, remaining authorized tender

The Reserve Financial institution of India (RBI) acknowledged that as of March 29, 2024, 97.69 per cent of the ₹2,000 banknotes in circulation as of Could 19, 2023, had been returned, with the remaining notes remaining authorized tender.

The central financial institution supplied an replace on the withdrawal of ₹2,000 denomination banknotes, highlighting that their complete worth in circulation decreased from ₹3.56 lakh crore on Could 19, 2023, to ₹8202 crore on March 29, 2024.

• Additionally learn: RBI stands above all establishments in financial governance

As per an announcement from the central financial institution, alternate services for ₹2,000 banknotes have been out there at RBI’s 19 Difficulty Places of work since Could 19, 2023.

Since October 9, 2023, RBI Difficulty Places of work are additionally accepting ₹2,000 banknotes from people/entities for depositing into their financial institution accounts.

Additional, members of the general public are sending ₹2,000 banknotes via India Put up from any publish workplace throughout the nation, to any of the RBI Difficulty Places of work for credit score to their financial institution accounts.

The RBI initiated the train for withdrawal of ₹2,000 banknotes on Could 19, 2023, as the target of introducing them (to satisfy the foreign money requirement of the financial system after the withdrawal of authorized tender standing of all ₹500 and ₹1,000 banknotes in circulation within the November-December 2016 interval) was met as soon as banknotes in different denominations turned out there in enough portions.

• Additionally learn: RBI prone to maintain charges; bond markets might cheer

“About 89 per cent of the ₹2,000 denomination banknotes had been issued previous to March 2017 and are on the finish of their estimated life-span of 4 to 5 years. It has additionally been noticed that this denomination shouldn’t be generally used for transactions. Additional, the inventory of banknotes in different denominations continues to be enough to satisfy the foreign money requirement of the general public.”

“In view of the above, and in pursuance of the ‘Clear Notice Coverage’ of the Reserve Financial institution of India, it has been determined to withdraw the ₹2,000 denomination banknotes from circulation,” the central financial institution mentioned in an announcement on Could 19, 2023.