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RBI’s deadline for Rs 2,000 note exchange, deposit nears: What you need to know

The deadline for exchanging or depositing Rs 2,000 notes is nearing. The public can only swap or deposit notes until Saturday, September 30.

Since customers had trouble converting 2,000 rupee notes, the RBI discontinued them in May. This announcement altered things.

Banks can swap or deposit Rs 2,000 notes until RBI deadline. Remember that the Rs. 2,000 note is legal and non-devaluable.

RBI 2,000 note deposits:

Banks have received up to 93% of Rs 2,000 notes in circulation on May 19, the day the currency was removed.

In early September, the bank reported that Rs 2,000 banknotes seized from circulation up to August 31, 2023, are worth Rs 3.32 lakh crore.
After business closed on August 31, 0.24 lakh crore Rs 2,000 bills circulated. May 19, 2023 saw 93% of Rs 2,000 rupees returned.

Major banks said that 87% of Rs 2,000 bills withdrawn were deposits and 13% were substitutions.

When was the 2,000-note pullout announced?

The RBI discontinued Rs 2,000 banknotes on May 19.

All Rs 2,000 banknotes lost value from Rs 3.62 lakh crore on March 31, 2023, to Rs 3.56 lakh crore on May 19, 2023. The RBI advised depositing or exchanging high-value banknotes by September 30.

When were Indian Rs. 2,000 notes introduced?

Following demonetisation of Rs 500 and Rs 1,000 notes in 2016, the BJP introduced Rs 2,000 notes. The 2016 note ban targeted black money corruption, a major national concern.

Conclusion:-

The RBI gave banks a deadline to swap or deposit Rs 2,000 notes. It has asked the public to exchange or deposit the notes until September 30.Banks received 93% of Rs 2,000 notes since May 19, 2023. Recovered Rs 2,000 rupees from circulation until August 31, 2023, are worth Rs 3.32 lakh crore. The RBI recommended everyone to deposit or exchange high-value banknotes by September 30. RBI gives banks deadline to swap or deposit Rs 2,000 notes.

Sunil Pandey
Sunil Pandey

The business professional who loves penning down his thoughts/ insights on business, entrepreneurship, & startups. His ability to break down complex business concepts into easy & concise write-ups makes him a wonderful author. He believes that writing is a powerful tool for communication and education.

Sunil Pandey
The business professional who loves penning down his thoughts/ insights on business, entrepreneurship, & startups. His ability to break down complex business concepts into easy & concise write-ups makes him a wonderful author. He believes that writing is a powerful tool for communication and education.

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