RBI Big Update / A big update has come regarding the 2000 rupee note, know what is the matter?

RBI Big Update: The Reserve Bank of India (RBI) has recently released a report regarding the Rs 2000 note, which states that despite being removed from circulation, still not 100% of all Rs 2000 notes have returned to the banks. According to the report, 98.08% of the Rs 2000 notes have been returned, but notes worth Rs 6839 crore are still with the public.

The journey of the Rs 2000 note: from the beginning till now

The Rs 2000 note was first issued in November 2016 after demonetization. Its purpose was to meet the cash shortage at that time. However, on May 19, 2023, the RBI announced that the Rs 2000 note would be removed from circulation.

At that time, the total value of Rs 2000 notes was Rs 3.56 lakh crore, which has now come down to Rs 6839 crore.

Process and figures for returning notes

Till October 7, 2023, the facility of depositing and exchanging Rs 2000 notes was available through banks.

RBI has continued the facility of depositing and exchanging notes at its 19 issue offices from October 9, 2023.

People who still have Rs 2000 notes can deposit them at RBI's issue offices or send the notes through postal service.

Process for exchanging Rs 2000 notes

If you still have a Rs 2000 note, you can exchange it in the following ways:

Deposit or exchange at RBI's 19 issue offices

These offices are located in cities like Ahmedabad, Bengaluru, Bhubaneswar, Chennai, Kolkata, Lucknow, Mumbai, New Delhi, Patna, and Thiruvananthapuram across the country.

Use the postal service

Through India Post, you can send Rs 2000 notes to RBI. The amount will be credited to your bank account.

Why were Rs 2000 notes withdrawn?

RBI says that the Rs 2000 note was issued only to meet the immediate requirement.

Later, when the availability of notes of smaller denominations (such as Rs 500 and Rs 200) increased, the circulation of Rs 2000 notes decreased.

Also, it was decided to discontinue it to improve cash management after demonetisation.

Is the Rs 2000 note still valid?

Yes, the Rs 2000 note is legally valid. However, it is no longer being put into circulation. You can deposit or exchange it only at the designated offices of RBI.

Conclusion

The RBI report makes it clear that Rs 2000 notes have now lost their utility, and most of the notes have been deposited in banks by the public. If you still have a Rs 2000 note, deposit it in the RBI office as soon as possible or send it through postal service and get the amount deposited in your account.

This step will not only simplify cash management but will also make the banking system more transparent and organized.