Since 2016, the RBI has spent Rs 17,688 crore on printing Rs 2,000 banknotes. About 89% of these notes were issued before March 2017 and are nearing their expiration date.
On Monday, Union Minister of State for Finance Pankaj Chaudhary said the RBI spent Rs 17,688 crore on producing Rs 2,000 banknotes since 2016.
The central bank issued Rs 2,000 banknotes in November 2016 after Modi demonetised Rs 500 and Rs 1,000.
Chaudhary told Lok Sabha that 89% of Rs 2,000 notes were issued before March 2017 and are completing their four- to five-year lifespan.
Conclusion
Since 2016, the RBI has spent Rs 17,688 crore printing Rs 2,000 banknotes. Around 89% of these notes were issued before March 2017 and are nearing expiration. ATMs for Rs 2,000 currency notes cost public sector banks Rs 32 crore and the State Bank of India Rs 12.8 crore to calibrate. In 2017-19, Rs 2,000 notes were worth Rs 7.4 lakh crore. In succeeding years, RBI did not print Rs 2,000 notes.
Compared to Rs 9,760 crore on Nov. 30, the highest-denomination currency notes were worth Rs 3.56 lakh crore. The RBI is disposing of returned banknotes according to procedure. The RBI reiterated that the Rs 2,000 notes is legal tender.
“The stock of banknotes in other denominations continues to be adequate to meet the currency requirements of the public.”
Calibration of Rs 2,000 ATMs cost public sector banks Rs 32 crore. Chaudhary estimates State Bank of India spent Rs 12.8 crore on ATM recalibration.
The RBI recorded Rs 7.4 lakh crore in Rs 2,000 note circulation in 2017–19. In succeeding years, RBI did not print Rs 2,000 notes.
On May 19, the central bank ordered residents to deposit or trade Rs 2,000 notes at banks until Sept. 30 under the Clean Note program. A week was added to the deadline to Oct. 7.
The RBI announced the highest-denomination currency notes were worth Rs 3.56 lakh crore, up from Rs 9,760 crore on Nov. 30.
Chaudhary said returned currencies “RBI disposal procedures are being followed.
The RBI repeats that Rs 2,000 notes are lawful tender. Depositors could swap Rs 2,000 banknotes for up to Rs 20,000 at RBI’s 19 issuing offices from May 19. Depositors can exchange currency notes at RBI issue offices and send bills through India Post after Oct. 7.
People lined up outside RBI offices to exchange money for nearly two months last week.
