RBI on INR 2,000 Banknotes: INR 7,581 Crore is the total value of the notes that were withdrawn.

On July 1, the Reserve Bank of India (RBI) declared that as of June 28, the total amount of INR 2,000 banknotes in circulation had dropped significantly to INR 7,581 crores. Compared to the INR 3.56 lakh crore in circulation on May 19, 2023, when the withdrawal of these notes was first announced, there has been a huge reduction. As of May 19, 2023, 97.87 percent of the INR 2,000 banknotes in circulation had been brought back into the banking system, according to the RBI.

The Reserve Bank of India has confirmed that the INR 2,000 banknotes will remain legal currency even after being taken out of circulation. On May 19, 2023, the central bank first declared its intention to remove these high-denomination notes from circulation, marking the start of the withdrawal procedure.

All bank branches nationwide have the opportunity to deposit or exchange INR 2,000 banknotes until October 7, 2023. Following this time frame, the exchange facility was expanded to include the 19 RBI issuing offices as of October 9, 2023. Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram are among the major cities where these offices are situated.

Additionally, the RBI has made it easier for citizens to transmit their INR 2,000 banknotes to any RBI issuance office via India Post from any post office in the nation to have the money credited to their bank accounts. The purpose of this step is to guarantee that people and organizations can continue to deposit these banknotes after the deadline has passed at bank branches.

After the INR 1,000 and INR 500 notes were demonetized, the INR 2,000 banknotes were first released in November 2016. The action was a component of a larger plan to reduce the amount of counterfeit money and black money in the economy. High-value notes have contributed significantly to the cash economy since they were introduced, but their removal is viewed as a move in the right direction toward lowering the hazards connected with high-denomination money.

In conclusion, the new declaration from the RBI highlights the significant return of INR 2,000 banknotes to the financial system and restates their legal tender status in spite of their removal from widespread circulation. In the continuous efforts to control the money supply and guarantee the stability of the Indian financial system, this event represents a critical turning point.

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