Nearly 97% Rs 2,000 notes returned, says RBI | Know how and where to return currency | Business News
RBI had extended the last date to exchange Rs 2,000 bank notes till October 7, 2023. (Photo credit: PTI)
Mumbai: The Reserve Bank of India has received 97 per cent of Rs 2,000 currency notes since it decided to withdraw the pink notes from circulation on May 19, 2023. As of October 31, 2023, pink notes worth Rs 10,000 crore remained in circulation. As of May 19, 2023 pink notes worth Rs 3.56 lakh crore were in circulation in India’s financial system.
Withdrawal of ₹2000 Denomination Banknotes – Statushttps://t.co/m3lgustfL3
— ReserveBankOfIndia (@RBI) November 1, 2023
RBI directed members of the public to return the notes at banks and RBI offices starting May 23, 2023. The central bank extended the date for returning pink notes to October 7, 2023 from September 30, 2023 last month. Those who still possess Rs 2,000 notes may return them at RBI’s 19 offices across the country. They may deposit up to a maximum of Rs 20,000 worth of pink notes.
These notes may also be sent to the central bank via post offices of India Post. To be sure, Rs 2,000 notes continue to remain legal tender. However, it will be increasingly difficult to exhaust these notes since most e-commerce and physical stores have stopped accepting these notes.
Also read: RBI still waiting for Rs 2,000 notes worth Rs 10,000 crore, says Governor Das | Know amount returned
Why were Rs 2,000 notes withdrawn?
The RBI withdrew Rs 2,000 notes as part of its operation ‘clean notes’ programme, under which it is the central bank’s duty to ensure that clean and good quality notes remain in circulation while damaged notes are withdrawn. These notes were introduced in 2016 after the demonetisation of Rs 500 and Rs 1,000 notes.
Also read: RBI still awaits Rs 2,000 notes worth Rs 12,000 crore, says RBI Governor | Know total currency returned
Beware of middlemen
While individuals can still return Rs 2,000 notes at RBI’s offices, it is important that they remain wary of touts. With the deadline to deposit pink notes in banks having expired, touts were allegedly charging as much as Rs 400 per note from individuals who sought to return their notes at RBI’s regional offices, the Moneycontrol reported.
The ceiling for exchanging pink notes is Rs 20,000. This means that a person who sought to exchange up to Rs 20,000 worth of pink notes, allegedly paid Rs 4,000 to touts. There is no ceiling on the amount that may be deposited for being credited to their bank account.
