The Reserve Bank of India announced on May 19 of this year that banknotes valued at Rs 2000 are no longer in circulation. According to the Reserve Bank of India, Rs 2000 denominations notes worth approximately Rs. 9760 crores have not been cashed or moved, As of May 19, 2023, 96% of the money in the distribution had been exchanged or laid down, according to the declaration. On May 19, 2023 notes valued at Rs. 3.56 lakh crore were found, according to the central bank. The quantity in flow as of November 30 was Rs. 9760 crores.
The total value of Rs. 2000 bank notes in distribution as of November 30, 2923, reduced to Rs. 9760 crores following the press release of the Rs 2000 banknote withdrawal on May 19,2023. From Rs 3.56 lakh crore at that time, this is fewer. The result is that 97.26% of the Rs. 2000 funds that were in use on MAY 19, 2023 have been substituted based on the release. The RBI has rendered accessible for the people to make deposits or exchange Rs. 2000 banknotes at any branch nationwide/ The deadline had originally been scheduled for September 30, 2023 but was later moved to October 7, 2023. As per the RBI the notes worth Rs. 2000 were deemed legal tender. At the RBI’s 19 offices, notes swapping is still possible, though.
The Reserve Bank’s 19 issue offices started providing the opportunity to exchange Rs. 20000 banknotes on May 19, 2023. On October 09,2023, RBI issue workplaces will start embracing Rs 2000 banknotes from individuals and groups in addition to transferring them over the counter for financial accounts. It further stated in its declaration that Indian nationals can send Rs 2000 in money from any post office in the nation to any RBI issue office via India Post, and the banknotes will be deposited into their Indian Bank accounts.
