RBI Governor Announces the Return of ₹2,000 Denomination Notes

VoM News Desk | October 20, 2023 | 07:14 PM IST | Breaking News |

In a recent announcement, Reserve Bank of India (RBI) Governor Shaktikanta Das confirmed that ₹2,000 denomination notes are making a comeback, with only ₹10,000 crore worth of these notes still in circulation. Governor Das expressed confidence that the remaining notes would also find their way back into the banking system.

The Resurgence of ₹2,000 Notes

Speaking at an event, Governor Das highlighted the reemergence of ₹2,000 notes, emphasizing that only a fraction of them remains outside the formal financial system. He stated, “₹2,000 notes are coming back, and only ₹10,000 crore is left in the system. The expectation is that the amount will also come back.”

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This revelation comes in the wake of earlier reports, where Das had stated that 87% of the ₹2,000 denomination notes initially slated for withdrawal had already been returned as deposits in banks, with the rest being exchanged at bank counters.

The Journey of ₹2,000 Denomination Notes

The ₹2,000 note had made its debut in 2016 as part of a swift remonetization effort following Prime Minister Narendra Modi’s bold move to invalidate ₹500 and ₹1,000 notes, which accounted for over 88% of the currency in circulation. Initially, the public and entities were given the option to exchange or deposit these notes in their bank accounts by September 30. However, the deadline was extended to October 7. After that date, bank branches ceased to offer deposit and exchange services for these notes.

Since October 8, individuals have had the choice to either exchange the currency at 19 RBI offices or have the equivalent sum credited to their bank accounts. There is a ₹20,000 limit for exchanging ₹2,000 banknotes at a time, but there is no overall limit for crediting these notes into bank accounts.

VoM News Desk

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RBI Governor Announces the Return of ₹2,000 Denomination Notes