Rs. 12,000cr worth of Rs. 2,000 notes still in circulation
Reserve Bank of India (RBI) Governor Shaktikanta Das announced on October 6 that Rs. 12,000 crore worth of Rs. 2,000 denomination notes have not yet returned to the central bank. As of May 19, 2023, Rs. 3.56 lakh crore worth of Rs. 2,000 notes were in circulation. Barring the notes yet to come back, 87% of the notes in circulation as of May 19 have been deposited into banks while the rest have been exchanged across counters for other denominations.
Deadline extension has helped more notes come into bank
The deadline for returning or exchanging the withdrawn Rs. 2,000 notes was extended by the RBI until October 7, 2023. As of September 29, the central bank had received back Rs 3.42 lakh crore worth of pink notes. Since the deadline extension, an additional Rs. 2,000 crore worth of notes have been returned to the RBI.
Validity and exchange process for Rs 2,000 notes
Although the Rs. 2,000 denomination notes have been withdrawn from circulation, they remain valid currency. However, after October 7, 2023, these notes can no longer be returned or exchanged at banks. To exchange or return the notes before the deadline, individuals must fill out a request slip and provide ID proof. Notes worth up to Rs. 20,000 can be exchanged, while those exceeding Rs. 49,000 require a PAN card for depositing.
