RBI Update on ₹2,000 Notes Withdrawal
The Reserve Bank of India (RBI) has reported that nearly 98% of ₹2,000 banknotes have been withdrawn from circulation as of July 31, 2024. The remaining ₹2,000 notes amount to ₹7,409 crore. The RBI will cease exchanging ₹2,000 notes on April 1, 2024, due to Annual Closing of Accounts, but will resume on April 2, 2024, at designated RBI offices.
Current Status: As of July 31, 2024, 97.92% of ₹2,000 banknotes have been returned.
Previous Statistics: As of February 29, 2024, 97.62% of ₹2,000 notes were returned, amounting to approximately ₹8,470 crore in circulation.
Temporary Suspension: The exchange facility for ₹2,000 notes will be unavailable on April 1, 2024, due to Annual Closing of Accounts.
Resumption: The exchange service will recommence on April 2, 2024, at 19 RBI offices across major cities including Ahmedabad, Bengaluru, Mumbai, and New Delhi.
Introduction: ₹2,000 notes were introduced in November 2016 following the demonetization of ₹1,000 and ₹500 notes.
Withdrawal Announcement: The RBI announced the withdrawal of ₹2,000 notes in May 2023 as part of its “Clean Note Policy.” Despite the withdrawal, the ₹2,000 notes remain legal tender.
The withdrawal of ₹2,000 notes is expected to cause some public inconvenience and strain on the banking system, reminiscent of the 2016 demonetization period.
In the annals of Indian history, the emergence of women as rulers was a groundbreaking…
Jupiter, the largest planet in our solar system, has 95 known moons, but the four…
The GST Council has constituted a 13-member Group of Ministers (GoM) to review and suggest…
On 14th September 2024, during Hindi Diwas Celebrations at Bharat Mandapam, New Delhi, the Secretary…
Union Minister for MSME, Shri Jitan Ram Manjhi, inaugurated the Centre for Rural Enterprise Acceleration…
The Governor-General of India was the highest-ranking official in British India, representing the British monarch…