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Withdrawal Particulars
The power for deposit and/or alternate of the ₹2000 banknotes was initially obtainable in any respect financial institution branches within the nation till October 07, 2023. Nevertheless, since Could 19, 2023, people and entities have been in a position to alternate these banknotes on the 19 Problem Places of work of the Reserve Financial institution.
Moreover, from October 09, 2023, RBI Problem Places of work began accepting ₹2000 banknotes from people and entities for deposit into their financial institution accounts. Members of the general public may also ship ₹2000 banknotes via India Publish from any submit workplace within the nation to any RBI Problem Workplace for credit score to their financial institution accounts.
Decline in Circulation
As of the shut of enterprise on January 31, 2024, the whole worth of ₹2000 banknotes in circulation has declined considerably from ₹3.56 lakh crore on the time of the withdrawal announcement to ₹8,897 crore. This represents a return of 97.50% of the ₹2000 banknotes in circulation as of Could 19, 2023.Authorized Tender StandingRegardless of the withdrawal, it is vital to notice that ₹2000 banknotes proceed to be authorized tender.
Based on the RBI, “97.26 per cent of the ₹2000 banknotes that have been circulated within the financial system until Could 19, 2023, have been returned.” This means a considerable return of the withdrawn banknotes.
Prolonged Deposit Alternative
Initially, banks allowed the deposit and/or alternate of ₹2000 banknotes as much as September 30, 2023. Nevertheless, recognizing the necessity for extra time, this deadline was prolonged to October 7, 2023.
The withdrawal of the ₹2000 denomination banknotes is a part of the “Clear Notice Coverage” initiated on Could 19, with the intention of sustaining the integrity of the foreign money in circulation. The general public was urged to deposit these banknotes to facilitate the transition.
Background on ₹2000 Banknote
Launched in November 2016, the ₹2000 denomination banknote served the aim of assembly the foreign money requirement of the financial system promptly after the withdrawal of the authorized tender standing of ₹500 and ₹1000 banknotes. Over time, the whole worth of those banknotes in circulation declined from ₹6.73 lakh crore at its peak on March 31, 2018, to ₹3.62 lakh crore, constituting solely 10.8% of banknotes in circulation on March 31, 2023.
The most recent information from the RBI signifies substantial progress within the withdrawal of ₹2000 banknotes from circulation. With 97.50% of the withdrawn banknotes already returned, the central financial institution continues its efforts to handle the transition easily.
The extension of the deposit deadline and the continued acceptance of those banknotes at RBI Problem Places of work reveal the dedication to facilitating a seamless course of for the general public.
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