According to RBI, 93% of Rs 2,000 notes that were removed from circulation have returned to the banks.
On May 19, the RBI announced the withdrawal of Rs 2,000 notes from circulation. The last day to exchange notes is September 30. Only a few days are left until the deadline, and during this period, one has to complete the exchange process. The central bank had requested that people deposit the Rs 2,000 thousand notes in banks by September 30, or exchange them with notes of other denominations. Today, let’s take a look at how to exchange the Rs 2,000 notes.
People can deposit or exchange Rs 2,000 notes in their respective bank accounts until September 30. This facility has been available in the branches of the RBI and all other banks across the country since May 23. To reduce disruption in the regular functioning of bank branches, notes of Rs 2,000 up to the value of Rs 20,000 can be exchanged. KYC norms and other legal processes will be necessary to deposit the Rs 2,000 notes into the bank account.
Read More: Petrol, Diesel Fresh Prices Announced For September 25: Check Fuel Rates In Your City
According to the information shared by the RBI at the beginning of September, a total of 93 per cent of the notes worth Rs 2,000 that were removed from circulation have returned to the banks. According to an RBI statement, data received from banks shows that the total value of Rs 2,000 notes deposited in banks as of August 31, 2023, was Rs 3.32 lakh crore. This means that on August 31, only Rs 2,000 notes worth Rs 0.24 lakh crore were in circulation.
Approximately 87 per cent of the Rs 2,000 notes were deposited in banks, according to data gathered from major banks, while 13 per cent of the notes were swapped for notes of other denominations.
Read More: SBI Corporate Salary Package Account Decoded: Who’s Eligible For It? Know Benefits & Documents
Meanwhile, in a recent interview, a senior official from South Indian Bank said, “The RBI may come out with special dispensation for people who were abroad, not well, etc. and have missed out on the deadline. They may be given special dispensation to exchange the notes.”
As per reports, South Indian Bank received Rs 1,239 crore worth of Rs 2,000 notes till September 12, Rs 207 crore for exchange, and Rs 1,031 crore in deposits.
