The high-value Rs 2000 notes worth Rs 5,884 crore are still in circulation, according to official data released on Wednesday.
The high-value Rs 2000 notes worth Rs 5,956 crore are still in circulation, more than two years after the Reserve Bank's withdrawal of the currency notes, according to official data released on Monday. The Reserve Bank of India (RBI) had announced the withdrawal of Rs 2000 denomination banknotes from circulation on May 19, 2023.
The finance ministry has issued a note which says that the government and the RBI's move to take out Rs 500 and Rs 1,000 banknotes from circulation will help India towards cash-less economy where most transactions are done electronically and that can be tracked.
The high-value Rs 2000 notes worth Rs 6,099 crore are still in circulation even after two years of the Reserve Bank withdrawing the currency, according to official data released on Tuesday. Rs 2000 banknotes continue to be legal tender.
The Reserve Bank of India (RBI) on Friday said nearly 97.26 per cent of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 9,760 crore worth of the notes are still with the public. On May 19, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2,000 bank notes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of Rs 2,000 bank notes was announced, has declined to Rs 9,760 crore as at the close of business on November 30, 2023," the RBI said in a statement.
The high-value Rs 2000 notes worth Rs 6,181 crore are still in circulation after two years of the Reserve Bank withdrawing the currency, according to official data released on Monday. Rs 2000 banknotes continue to be legal tender.
The high value Rs 2000 notes worth Rs 6,266 crore are still in circulation after two years of the Reserve Bank withdrawing the currency, according to official data. The Rs 2000 banknotes continue to be legal tender.
People can send their Rs 2,000 banknotes to specified regional offices of the Reserve Bank through the insured post for credit in their bank accounts. This is a hassle-free option for the people who are away from the regional offices of the Reserve Bank. Besides, the RBI is offering TLR (Triple Lock Receptacle) form to people for a deposit of Rs 2,000 banknotes in their bank account.
The Modi government's decision to demonetise Rs 500 and Rs 1,000 banknotes will drive up interest in the bullion market
The Reserve Bank of India (RBI) on Thursday said 97.76 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,961 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation.
Reserve Bank Governor Shaktikanta Das on Wednesday said that RBI is monitoring the situation regularly with regard to the withdrawal of Rs 2,000 currency notes and expressed confidence that the entire exercise will be completed in a non-disruptive manner. The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2000 denomination banknotes as part of its currency management and permitted the exchange of Rs 2000 currency notes up to Rs 20,000 in one go from Tuesday onwards. The exchange or deposit window is available until September 30, 2023.
The Delhi high court on Monday dismissed a public interest litigation (PIL) challenging the RBI's decision to withdraw Rs 2,000 denomination banknotes from circulation. A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad, which had reserved its order on the PIL on May 30, rejected the plea. Petitioner Rajneesh Bhaskar Gupta has contended that the Reserve Bank of India (RBI) has no power to withdraw Rs 2,000 currency notes from circulation and only the Centre could have taken a decision in this regard.
The communication was clear, transparent and worded in a manner that did not induce any fear in the minds of the people, point out A K Bhattacharya.
The Bharatiya Janata Party rejected this was any sort of demonetisation and instead reminded the Congress that even during the rule of Manmohan Singh, old currency notes were taken off circulation.
Banks have reported that banknotes worth Rs 592,613 crore have been issued to the public.
The top court said in order to declare whether the exercise is academic or infructuous, it needs to examine the matter since both sides are not agreeable.
A public interest litigation was filed in the Delhi high court on Monday against permission to exchange Rs 2000 banknotes without obtaining any requisition slip and identity proof.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
Banks were given 15 days to increase dispensation of Rs 100 banknotes through ATMs which are "widely used"
The Reserve Bank of India (RBI) on Tuesday told the Delhi high court that withdrawal of Rs 2000 notes is not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience.
By the end of March 2022, only 2,140 million pieces of Rs 2,000 denomination currency notes were in circulation, or 13.8 per cent of the total value of notes.
The RBI had earlier fixed September 30, 2023 as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public.
Anticipating panic and rush at bank counters, the Reserve Bank of India as well as the government has set up control rooms in Mumbai and the national capital to avoid any crisis, Department of Economic Affairs Secretary Shaktikanta Das said.
Heeraben Modi, who had to use the help of a wheel chair and other people to reach the bank, exchanged Rs 4,500.
RBI has printed 16,957 million pieces of Rs 500 notes and 3,654 million pieces of Rs 2,000 notes as on December 8.
The submissions were made in an affidavit filed in response to a batch of pleas challenging the Centre's 2016 demonetisation decision.
The apex court said that the government should file an affidavit by April 11 explaining the reason why the window was not created for the people having difficulty and the chance was only given to NRIs and the citizens who travelled abroad.
The Rs 2,000 note withdrawal decision and response to it so far suggest that the move can help boost FY24 GDP growth to beyond 6.5 per cent estimated by the RBI, a report said on Monday. The real GDP growth for the first quarter of FY24 will come at 8.1 per cent with an upward bias and the Reserve Bank of India's 6.5 per cent estimate can also be exceeded, economists at the country's largest lender SBI said. "We expect Q1 FY24 GDP growth at 8.1 per cent with an upward bias due to the impact of Rs 2000 note withdrawal event...this reinforces our projection that FY24 GDP could be higher than 6.5 per cent, basis the RBI estimate," a note said.
The SCA Stadium has seen largely empty stands on the first three days of the opening match of a five-Test series between India and England and local organisers blame it on the cash crunch.
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The PIL, which could be listed for hearing during the week, termed Tuesday's notification of department of economic affairs and the finance ministry as "dictatorial" claiming it did not grant reasonable time to citizens for exchanging the specified bank notes to legitimate notes to avoid "large scale mayhem, life-threating difficulties".
"This is the matter of executive policy decision," the bench said while dismissing the appeal.
In Reserve Bank offices, 59 CVPS machines are used and each machine is operated by a set of five persons under a supervisor who supervises a cluster of machines
All lenders, including public, private, rural and cooperative banks, have been asked to make arrangements to gather information on deposits of the Specified Bank Notes.
'...because it is still a legal tender.'
The endless wait to get valid currency notes was also taking a toll on people waiting for hours in long queues as there were reports of many elderly people collapsing out of fatigue.
The central bank had earlier estimated the value of old Rs 500 and Rs 1,000 notes received, as on June 30, 2017, at Rs 15.28 trillion.
Only Rs 16,050 crore out of the Rs 15.44 lakh crore of the old high denomination notes have not returned.
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