Rs 2,000 Currency Notes Not Valid From September 30
The Reserve Bank of India on Friday withdrew ₹2,000 currency notes from circulation. The central bank has asked banks to provide deposit and exchange facilities for ₹2,000 notes until September 30, 2023.
The ₹2,000 denomination bank note was introduced in November 2016 after the Modi government had introduced demonetisation of ₹500 and ₹1,000 notes. As per RBI, the objective of introducing ₹2,000 notes was met once banknotes in other denominations became available in adequate quantities.
The RBI had stopped the printing of ₹2,000 banknotes in 2018-2019. Also, about 89 per cent of the ₹2,000 denomination notes issued before March 2017 are said to be at the end of their estimated lifespan of 4-5 years.
The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of Notes in Circulation) to ₹3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023.
The RBI observed that the ₹2,000 denomination is not commonly used for transactions and the stock of other denomination notes is adequate to meet the currency requirement of people.
The decision was taken as per the ‘Clean Note Policy’ of the central bank. The people may deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch. Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions.
The exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023.
Next Story :
-
Advisory Issued Amid Ongoing Heatwave; Hyderabad To Cross Max Temperature
![Advisory Issued Amid Ongoing Heatwave; Hyderabad To Cross Max Temperature]()
Hyderabad, May 1 (Maxim News): Amid Heatwave alert (yellow) has been issued for the state by Indian meteorological Dept-Hyderabad (IMD-H) as 18 districts in Telangana likely to witness heatwave conditions with temperatures soaring to a maximum of 44 degrees Celsius the Director of Public Health & Family Welfare, Dr. B.Ravinder Nayak, has issued the advisory…
-
Two Aveksha Day Care Centers for Construction Workers’ Children Opened
![Two Aveksha Day Care Centers for Construction Workers’ Children Opened]()
Two Aveksha Day Care Centers for Construction Workers’ Children opened on the occasion of Labour Day on Wednesday. One was opened at My Home Apas Residential Project at Kokapet Village, Gandipet Mandal, Ranga Reddy District. The other one was at MHC Vipina Residential at Manmole Village, Ramchandrapuram, Sangareddy Dist
-
Next WCOA Conference Will Be Hosted in Hyderabad in 2028
![Next WCOA Conference Will Be Hosted in Hyderabad in 2028]()
Dr Raja Narisgh Rao, the city’s Senior Consultant Anaesthesiologist and the President of the Indian Association of Paediatric Anaesthesiologists (IAPA), Telangana State is elected as President of the World Congress of Ophthalmic Anaesthesia at a just-concluded WCOA – World Congress of Ophthalmic Anaesthesia at São Paulo in Brazil.
-
Will Fight To Defeat BJP Conspiracy: Will Implement Muslim Reservation: Revanth Reddy
![Will Fight To Defeat BJP Conspiracy: Will Implement Muslim Reservation: Revanth Reddy]()
Hyderabad, May 1 (Maxim News): Chief Minister Revanth Reddy advocated that the Muslim Reservation is not based on caste or religion but on the basis of backwardness. He said that Congress party is committed for the implementation of Muslim Reservation for which survey will be conducted in the Congress ruled states and reservation will be provided.…
Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe. Click to follow Indtoday’s Facebook page and Twitter and Instagram. For all the latest Hyderabad News updates
