RBI says 2.24% of Rs.2000 notes have not yet been returned
Despite the withdrawal of Rs.2000 bank notes, after almost a year, around Rs.7961 crores valued at Rs.2000 notes (2.24%) have not yet been returned. According to the Reserve Bank of India’s (RBI) latest press release on Thursday said that 97.76% of notes were returned. The total value of Rs.2000 bank notes, valued at Rs.3.56 lakh crore were in circulation when RBI announced the withdrawal of the notes, a year ago.
“The Reserve Bank of India (RBI) had announced the withdrawal of Rs.2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of the withdrawal of Rs.2000 banknotes is periodically published by the RBI. The last press release in this regard was published on April 01, 2024. The facility for deposit and/ or exchange of the Rs.2000 banknotes was available at all bank branches in the country up to October 07, 2023.
“The facility for exchange of the Rs.2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) 1 since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting Rs.2000 banknotes from individuals/ entities for deposit into their bank accounts. Further, members of the public are sending Rs.2000 banknotes through India Post from any post office within the country to any of the RBI Issue Offices for credit to their bank accounts.
“The total value of Rs.2000 banknotes in circulation, which was Rs.3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs.2000 banknotes was announced, has declined to Rs.7961 crores
at the close of business on April 30, 2024. Thus, 97.76% of the Rs.2000 banknotes in circulation as of May 19, 2023, have since been returned. The Rs.2000 banknotes continue to be legal tender,” said RBI in a statement. Rs.7961 crores valued notes is 2.24% of the Rs.2000 notes.
After demonetization in November 2016 by cancelling the existing Rs.500 and Rs.1000 notes, the Modi government printed new Rs.500 and Rs.2000 notes. Demonetization was declared by Prime Minister Narendra Modi in a bid to curb the black money. Rs.2000 note was printed due to the lack of currency notes due to the immediate announcement. Now it is interesting to note that even after the withdrawal, still Rs.7961 crores worth Rs.2000 bank notes have not yet been returned. The question is why these high-worth bank notes, with a value of around Rs.7961 crores, have not yet been returned. Who are all holding this high-value currency worth Rs.7961 crores?
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