RBI announced to withdraw Rs 2,000 note on May 19 (representative)
Mumbai:
Governor Shaktikanta Das on Friday said that Rs 3.43 lakh crore of Rs 2,000 denominations have returned to the system so far, and reminded the public that they can return the withdrawn notes at 19 RBI offices from October 8. Here, Mr. Das said 87 percent of the returned notes were deposited in bank accounts while the rest were exchanged through the counter.
Currently, more than Rs 12,000 crore worth of notes are still in circulation, Mr. Das said, reiterating that the notes can be returned even after the end of the extended period.
It may be noted that on May 19, the RBI surprised everyone by announcing its intention to withdraw the Rs 2,000 note introduced in 2016 for rapid remonetisation, following Prime Minister Narendra Modi’s announcement to withdraw more than 88 percent of the currency in circulation by banning the Rs 500 and Rs 1,000 notes.
The RBI, which had initially given time till September 30 to get the notes deposited or exchanged, extended it by a week to October 7, the latter date.
The RBI asserted that the notes will remain legal tender and also announced a new system to get them deposited or exchanged.
“…after that (from October 8) it can be, you know, deposited or exchanged at the Reserve Bank at the Reserve Bank’s issuing offices, which is there in almost every state capital where we have a presence. So there are 19 of them “, Das told reporters on Friday.
He added that the original purpose of withdrawing the notes, which was also motivated by the need to deal with old banknotes, “has been largely achieved”.
Mr. Das also said that the services of the Postal Department can be availed in case anyone is unable to travel to the RBI offices.
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