On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of ₹2000 denomination banknotes from circulation. This move was aimed at curbing black money and promoting digital transactions.

The withdrawal of ₹2000 banknotes was a significant step, as these banknotes accounted for a large portion of the currency in circulation. The RBI had estimated that there were around 3.56 lakh crore worth of ₹2000 banknotes in circulation at the time of the announcement.

The RBI provided a facility for the deposit and exchange of ₹2000 banknotes at all bank branches in the country until October 07, 2023. Since May 19, 2023, the RBI Issue Offices have been accepting ₹2000 banknotes for exchange or deposit into bank accounts.

As of December 29, 2023, the total value of ₹2000 banknotes in circulation had declined to ₹9,330 crore. This means that 97.38% of the ₹2000 banknotes in circulation on May 19, 2023, had been returned.

The withdrawal of ₹2000 banknotes has had a significant impact on the Indian economy. It has led to a decrease in the amount of cash in circulation and an increase in digital transactions. The move has also helped to curb black money and promote financial inclusion.

The RBI’s withdrawal of ₹2000 banknotes is a major step towards modernizing the Indian economy and promoting digital transactions. It is a positive step that will benefit the country in the long run.

Here are some of the key points to consider regarding the withdrawal of ₹2000 banknotes:

  • The withdrawal was announced by the RBI on May 19, 2023.
  • The facility for deposit and exchange of ₹2000 banknotes was available at all bank branches in the country until October 07, 2023.
  • Since May 19, 2023, the RBI Issue Offices have been accepting ₹2000 banknotes for exchange or deposit into bank accounts.
  • As of December 29, 2023, the total value of ₹2000 banknotes in circulation had declined to ₹9,330 crore.
  • The withdrawal of ₹2000 banknotes has had a significant impact on the Indian economy, leading to a decrease in the amount of cash in circulation and an increase in digital transactions.
  • The move has also helped to curb black money and promote financial inclusion.

 

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