The Declining Circulation: Rs 2,000 Banknotes Continue to Hold Value
Despite being withdrawn by the Reserve Bank of India, high-value Rs 2,000 notes, valued at Rs 6,017 crore, remain in circulation. Originally valued at Rs 3.56 lakh crore, 98.31% of these notes have since been returned. The public can still deposit or exchange these notes through RBI Issue Offices or India Post.
- Country:
- India
Despite the Reserve Bank of India's withdrawal of Rs 2,000 notes in May 2023, an official report reveals that notes worth Rs 6,017 crore are still in circulation. Initially, Rs 3.56 lakh crore in Rs 2,000 banknotes were circulating, with 98.31% now returned, highlighting a significant decline.
As of October 2023, facilities remain for depositing or exchanging Rs 2,000 notes at designated RBI Issue Offices or through India Post nationwide. The RBI has facilitated these processes to ensure the smooth transition from the previously circulated currency.
The RBI's initiative underscores a significant evolution in India's currency management, impacting note circulation and promoting financial inclusivity. The continued acceptance of Rs 2,000 notes as legal tender further aligns with efforts to maintain public trust in the fiscal system.
(With inputs from agencies.)
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