Last date for exchanging Rs 2000 notes in bank nears, 93 percent of the notes exchanged or deposited
The last date for exchanging Rs 2,000 denomination notes from the Reserve Bank is approaching. Along with taking out Rs 2000 notes from circulation, RBI had asked to deposit or exchange them in the bank till 30th September, 2023. After September 30, these notes will be out of circulation. However, it has not been clearly said by RBI whether Rs 2,000 notes will remain legal tender after the deadline or not. But it is clear that the Central Bank wants to withdraw these notes from circulation as soon as possible.
Total value of notes Rs 3.32 lakh crore
When the Reserve Bank had announced the return of these notes, the RBI Governor had said that the future position will be determined based on the quantity of Rs 2000 notes returned/deposited in the banks. On September 1, 2023, it was told by RBI that the total value of Rs 2,000 bank notes withdrawn from circulation by August 31, 2023 is Rs 3.32 lakh crore.
93 percent notes were exchanged or deposited in the account
Furthermore, the RBI said that only Rs 2,000 bank notes worth Rs 0.24 lakh crore were in circulation as of August 31, 2023. This shows that by May 19, 2023, 93 percent of the Rs 2,000 notes in circulation have returned to banks through exchange or account deposits.
Update will come on 2000 rupee notes
There is also a possibility that more notes may have been deposited during September, due to which the amount in circulation has further reduced. It is expected that RBI will give an update on Rs 2000 notes on or after October 1. In this, clarification can be given on the remaining Rs 2,000 notes in circulation.
