<p>The Reserve Bank of India (RBI) has revealed that over Rs 7,961 crore (about $954&nbsp;million) worth of 2000-rupee banknotes have not been deposited and still remain in circulation, even after the withdrawal of the high-value denomination from the system.</p>

<p>This represents 2.24 per cent of the total Rs 3.56 lakh crore (about $42.6&nbsp;billion) worth of 2000-rupee notes that were in circulation when the withdrawal was announced on May 19, 2023.</p>

<p>Also Read |&nbsp;<a href="https://www.wionews.com/world/australia-doubles-foreign-student-visa-fee-to-curb-migration-indian-students-likely-to-be-hit-736799">Australia doubles foreign student visa fee to curb migration, Indian students likely to be hit</a></p>

<p>The RBI had initially set a deadline of September 30, 2023 for the public and private entities to either exchange or deposit the 2000-rupee notes.</p>

<p>This deadline was later extended to October 7, 2023. However, a significant portion of these high-value notes have not been returned to the banking system.</p>

<p>Also Read |&nbsp;<a href="https://www.wionews.com/india-news/a-purple-revolution-in-jammu-and-kashmir-lavender-farming-picking-up-736806">Jammu and Kashmir witnesses a ‘purple revolution’ as lavender farming picks up</a></p>

<p>The 2000-rupee denomination was introduced in November 2016 following the demonetisation of the then-prevailing Rs&nbsp;1000 and Rs 500 banknotes.</p>

<p>The objective was to meet the currency requirement of the economy in an expeditious manner. However, with the availability of banknotes in other denominations, the printing of 2000-rupee notes was stopped in 2018-19.</p>

<p><strong>Watch |&nbsp;<a href="https://www.wionews.com/videos/india-rainfall-triggers-landslide-in-jammu-kashmir-736831">India: Rainfall triggers landslide in Jammu-Kashmir</a></strong></p>

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<h2><strong>2000-rupee notes still a legal tender&nbsp;</strong></h2>

<p>The RBI has stated that the 2000-rupee notes will continue to maintain their legal tender status, and the public can continue to use them for transactions.</p>

<p>However, the central bank had encouraged the public to deposit or exchange these notes by the extended deadline of October 7, 2023.</p>

<p>Individuals could exchange the 2000-rupee notes or have the equivalent sum credited to their bank accounts at the 19 RBI offices across the country.</p>

<p>The RBI has also made provisions for individuals to send the 2000-rupee notes through India Post for credit to their bank accounts.</p>

<p>The withdrawal of the 2000-rupee note is part of the RBI's "Clean Note Policy," which aims to ensure the availability of good quality banknotes to the public.</p>

<p><em>(With inputs from agencies)</em></p>


The Reserve Bank of India (RBI) has revealed that over Rs 7,961 crore (about $954 million) worth of 2000-rupee banknotes have not been deposited and still remain in circulation, even after the withdrawal of the high-value denomination from the system.

The Reserve Bank of India (RBI) has revealed that over Rs 7,961 crore (about $954 million) worth of 2000-rupee banknotes have not been deposited and still remain in circulation, even after the withdrawal of the high-value denomination from the system. This represents 2.24 per cent of the total Rs 3.56 lakh crore (about $42.6 billion) worth of 2000-rupee notes that were in circulation when the withdrawal was announced on May 19, 2023. Also Read | Australia doubles foreign student visa fee to curb migration, Indian students likely to be hit The RBI had initially set a deadline of September 30, 2023 for the public and private entities to either exchange or deposit the 2000-rupee notes. This deadline was later extended to October 7, 2023. However, a significant portion of these high-value notes have not been returned to the banking system. Also Read | Jammu and Kashmir witnesses a ‘purple revolution’ as lavender farming picks up The 2000-rupee denomination was introduced in November 2016 following the demonetisation of the then-prevailing Rs 1000 and Rs 500 banknotes. The objective was to meet the currency requirement of the economy in an expeditious manner. However, with the availability of banknotes in other denominations, the printing of 2000-rupee notes was stopped in 2018-19. Watch | India: Rainfall triggers landslide in Jammu-Kashmir × 2000-rupee notes still a legal tender The RBI has stated that the 2000-rupee notes will continue to maintain their legal tender status, and the public can continue to use them for transactions. However, the central bank had encouraged the public to deposit or exchange these notes by the extended deadline of October 7, 2023. Individuals could exchange the 2000-rupee notes or have the equivalent sum credited to their bank accounts at the 19 RBI offices across the country. The RBI has also made provisions for individuals to send the 2000-rupee notes through India Post for credit to their bank accounts. The withdrawal of the 2000-rupee note is part of the RBI's "Clean Note Policy," which aims to ensure the availability of good quality banknotes to the public. (With inputs from agencies)

RBI says $954mn worth of withdrawn 2000-rupee banknotes remain in circulation

<p>Indians are flocking to make big purchases as Rs 2000 notes would soon go out of circulation. The purchases range from daily essentials to&nbsp;even premium goods. Making these purchases with soon-to-be-withdrawn Rs 2000 notes will sidestep the need to exchange them or deposit them at banks.</p>

<p>The Reserve Bank of India, the country's central bank, announced last week that Rs 2000 notes, the country's largest currency denomination, will be withdrawn from circulation by the end of September. No specific reason has been given for the move. The decision comes ahead of state and general elections in the country.</p>

<p>The latest decision to withdraw currency denomination is expected to be far less disruptive than the 2016 demonetisation during which 85&nbsp;per cent of the notes were withdrawn from circulation overnight.&nbsp;</p>

<p>This time, from the weekend, people have thronged stores to spend Rs 2000 notes. This would save them the hassle of queuing up at banks to exchange them. There is a possibility of scrutiny from the tax department as hoarding Rs 2000 notes can be seen as an attempt to keep illegal cash.</p>

<h2><strong>Sales skyrocket</strong></h2>

<p>Indian shops, for their part, eagerly accepted the note, using it as an opportunity to increase sales, several of them said on Tuesday, the first day the exchange was allowed.</p>

<p>“A lot of people are using 2,000-rupee notes to pay for mangoes since Saturday,” said Mohammad Azhar, 30, a mango seller near the Crawford Market area in India’s financial capital of Mumbai. He was quoted by Reuters.</p>

<p>“On a daily basis, I get 8-10 notes now. I accept it. I have no option, it’s my business. I will deposit everything at once before Sept. 30. There is no fear since the note is valid.”</p>

<p><strong>Watch | Rs 2000 notes withdrawn: Confusion galore | World Business Watch</strong></p>

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<p>Michael Martis, store manager at a Rado store in a mall in central Mumbai, said his store had seen a 60 per cent - 70 per cent&nbsp;increase in Rs 2000 notes since the withdrawal was announced.</p>

<p>“That has increased our watch sales to three-four&nbsp;pieces per day from one-two&nbsp;previously,” said Martis, as quoted by Reuters.</p>

<p>Zomato, the popular food delivery app, said on Twitter that 72 per cent of the 'cash on delivery' orders were paid in Rs 2000 notes since Friday. However, the company spokesperson clarified in response to a query seeking details that the tweet was made in jest and was not factual. Reuters said that the company refused to provide actual numbers.</p>

<h2><strong>Not everyone's accepting</strong></h2>

<p>Not all shop owners were keen to accept the notes.</p>

<p>“I don’t accept; I won’t accept. I don’t want to get into the trouble of depositing it with my bank,” said a restaurant owner in South Mumbai.</p>

<p>Unlike in 2016, when customers rushed to banks to exchange the scrapped currency notes, bank branches in Mumbai and New Delhi were mostly quiet with a handful of people standing in queues.</p>

<p><em>(With inputs from agencies)</em></p>

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Indians are flocking to make big purchases as Rs 2000 notes would soon go out of circulation. The purchases range from daily essentials to even premium goods. Making these purchases with soon-to-be-withdrawn Rs 2000 notes will sidestep the need to exchange them or deposit them at banks.

Indians are flocking to make big purchases as Rs 2000 notes would soon go out of circulation. The purchases range from daily essentials to even premium goods. Making these purchases with soon-to-be-withdrawn Rs 2000 notes will sidestep the need to exchange them or deposit them at banks. The Reserve Bank of India, the country's central bank, announced last week that Rs 2000 notes, the country's largest currency denomination, will be withdrawn from circulation by the end of September. No specific reason has been given for the move. The decision comes ahead of state and general elections in the country. The latest decision to withdraw currency denomination is expected to be far less disruptive than the 2016 demonetisation during which 85 per cent of the notes were withdrawn from circulation overnight. This time, from the weekend, people have thronged stores to spend Rs 2000 notes. This would save them the hassle of queuing up at banks to exchange them. There is a possibility of scrutiny from the tax department as hoarding Rs 2000 notes can be seen as an attempt to keep illegal cash. Sales skyrocket Indian shops, for their part, eagerly accepted the note, using it as an opportunity to increase sales, several of them said on Tuesday, the first day the exchange was allowed. “A lot of people are using 2,000-rupee notes to pay for mangoes since Saturday,” said Mohammad Azhar, 30, a mango seller near the Crawford Market area in India’s financial capital of Mumbai. He was quoted by Reuters. “On a daily basis, I get 8-10 notes now. I accept it. I have no option, it’s my business. I will deposit everything at once before Sept. 30. There is no fear since the note is valid.” Watch | Rs 2000 notes withdrawn: Confusion galore | World Business Watch × Michael Martis, store manager at a Rado store in a mall in central Mumbai, said his store had seen a 60 per cent - 70 per cent increase in Rs 2000 notes since the withdrawal was announced. “That has increased our watch sales to three-four pieces per day from one-two previously,” said Martis, as quoted by Reuters. Zomato, the popular food delivery app, said on Twitter that 72 per cent of the 'cash on delivery' orders were paid in Rs 2000 notes since Friday. However, the company spokesperson clarified in response to a query seeking details that the tweet was made in jest and was not factual. Reuters said that the company refused to provide actual numbers. Not everyone's accepting Not all shop owners were keen to accept the notes. “I don’t accept; I won’t accept. I don’t want to get into the trouble of depositing it with my bank,” said a restaurant owner in South Mumbai. Unlike in 2016, when customers rushed to banks to exchange the scrapped currency notes, bank branches in Mumbai and New Delhi were mostly quiet with a handful of people standing in queues. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Mangoes, gold, luxury watches: Indians are out to offload Rs 2000 notes before phase-out

<p>The exchange process of junked Rs 2000 currency notes will begin from today, May 23. Banks have dedicated separate counters for people to swap their Rs 2000 currency notes for smaller denominations to make the process a bit smoother. The Reserve Bank of India on Friday said the process of swapping Rs 2000 currency notes, which will remain legal tender, will start from Tuesday and continue till the end of September.&nbsp;</p>

<p>The RBI Governor, Shaktikanta Das dismissed rumours of a new Rs 1000 currency note on Monday. “There’s no such proposal right now,” he told reporters here on Monday in his first media interaction after the decision to withdraw the highest denomination notes from circulation last Friday.&nbsp;</p>

<p>Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/explained-will-demonisation-20-have-any-impact-on-indian-economy-595237">Explained | Will demonetisation 2.0 have any impact on Indian economy?</a></p>

<p>He also explained that even though a withdrawal of Rs 2000 notes has been ordered, these notes continue to be legal tender. Das further noted that shops must not refuse to accept these notes. He said, “From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2000 notes from circulation but they continue as legal tender.”</p>

<p>Watch |&nbsp;<strong>India's Rs. 2000 note ban results in social media circus</strong></p>

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<p>Das also added that almost all Rs 2000 notes will come back to the government by September 30. He also urged banks not to issue soiled or torn notes to customers. When asked why the withdrawal of Rs 2,000 notes was ordered, the RBI boss said the notes completed their life cycle. Das further noted that the notes were printed 4-5 years back and their purpose also got over.&nbsp;&nbsp;</p>

<h2><strong>Here’s what you should know ahead of the Rs 2000 currency swap</strong></h2>

<p>1. The high-value notes can be exchanged without a requisition slip or identity proof, the RBI said. However, some banks might ask for identity proof during the swapping process.&nbsp;</p>

<p>2. In many states, banks have sought the help of local police to regulate queues in case of heavy rush, officials said. Banks have also cautioned people against trying to deposit or exchange fake Rs 2000 notes, saying a police case would be registered against such people.</p>

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<p>3. In Uttar Pradesh, 12,000 bank branches have decided to set up separate counters for depositing or exchange of Rs 2000 notes. But banks are not expecting a huge rush as only 10 per cent of the Rs 2000 notes are in circulation.</p>

<p>4. Bank account holders whose KYC has been done can deposit any number of Rs 2000 notes in their accounts, and only worth Rs 10,000 will be allowed in Jan Dhan accounts.&nbsp;</p>

<p>5. Bankers in Patna seemed to be confused over the number of circulars issued by the Reserve Bank. While a few banks, mostly state-run, have decided to facilitate the exchange of ₹2,000 notes without Id proofs, others said it was mandatory to have identifiable records of the person exchanging the notes, in accordance with the banking regulator’s guidelines to check circulation of fake notes.</p>

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The exchange process of junked Rs 2000 currency notes will begin from today, May 23. Banks have dedicated separate counters for people to swap their Rs 2000 currency notes for smaller denominations to make the process a bit smoother.

The exchange process of junked Rs 2000 currency notes will begin from today, May 23. Banks have dedicated separate counters for people to swap their Rs 2000 currency notes for smaller denominations to make the process a bit smoother. The Reserve Bank of India on Friday said the process of swapping Rs 2000 currency notes, which will remain legal tender, will start from Tuesday and continue till the end of September. The RBI Governor, Shaktikanta Das dismissed rumours of a new Rs 1000 currency note on Monday. “There’s no such proposal right now,” he told reporters here on Monday in his first media interaction after the decision to withdraw the highest denomination notes from circulation last Friday. Also Read | Explained | Will demonetisation 2.0 have any impact on Indian economy? He also explained that even though a withdrawal of Rs 2000 notes has been ordered, these notes continue to be legal tender. Das further noted that shops must not refuse to accept these notes. He said, “From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2000 notes from circulation but they continue as legal tender.” Watch | India's Rs. 2000 note ban results in social media circus × Das also added that almost all Rs 2000 notes will come back to the government by September 30. He also urged banks not to issue soiled or torn notes to customers. When asked why the withdrawal of Rs 2,000 notes was ordered, the RBI boss said the notes completed their life cycle. Das further noted that the notes were printed 4-5 years back and their purpose also got over. Here’s what you should know ahead of the Rs 2000 currency swap 1. The high-value notes can be exchanged without a requisition slip or identity proof, the RBI said. However, some banks might ask for identity proof during the swapping process. 2. In many states, banks have sought the help of local police to regulate queues in case of heavy rush, officials said. Banks have also cautioned people against trying to deposit or exchange fake Rs 2000 notes, saying a police case would be registered against such people. Also Read | ISRO's GSLV to launch next-gen navigation satellite NVS-01 on May 29 3. In Uttar Pradesh, 12,000 bank branches have decided to set up separate counters for depositing or exchange of Rs 2000 notes. But banks are not expecting a huge rush as only 10 per cent of the Rs 2000 notes are in circulation. 4. Bank account holders whose KYC has been done can deposit any number of Rs 2000 notes in their accounts, and only worth Rs 10,000 will be allowed in Jan Dhan accounts. 5. Bankers in Patna seemed to be confused over the number of circulars issued by the Reserve Bank. While a few banks, mostly state-run, have decided to facilitate the exchange of ₹2,000 notes without Id proofs, others said it was mandatory to have identifiable records of the person exchanging the notes, in accordance with the banking regulator’s guidelines to check circulation of fake notes. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Rs 2000 note exchange begins today, here's what you should know

The Reserve Bank of India removed 2,000 rupee notes from circulation on Friday. Until September 30, 2023, the central bank has invited banks to offer 2,000 note deposit and exchange services.

Deposits or Exchange? Bank sends mixed signals

The Reserve Bank of India (RBI) on Friday announced the withdrawal of the ₹2,000 denomination notes from circulation, advised people to exchange or deposit the notes by September 30.

India's Rs. 2000 note ban results in social media circus