{"id":4819,"date":"2023-11-02T06:08:29","date_gmt":"2023-11-02T06:08:29","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=4819"},"modified":"2023-11-02T06:08:29","modified_gmt":"2023-11-02T06:08:29","slug":"more-than-97-pc-of-rs-2000-notes-returned-to-banking-system-rbi","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/more-than-97-pc-of-rs-2000-notes-returned-to-banking-system-rbi\/","title":{"rendered":"More than 97 pc of Rs 2,000 notes returned to banking system: RBI"},"content":{"rendered":"

MUMBAI: Only\u00a0<\/span><\/span>over\u00a0<\/span><\/span>Rs\u00a0<\/span>10,000\u00a0<\/span>crore\u00a0<\/span><\/span>worth\u00a0<\/span><\/span>of\u00a0<\/span><\/span>bank\u00a0<\/span>notes\u00a0<\/span><\/span>are\u00a0<\/span>still\u00a0<\/span><\/span>in\u00a0<\/span><\/span>circulation,\u00a0<\/span><\/span>according\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>Reserve\u00a0<\/span>Bank\u00a0<\/span><\/span>of\u00a0<\/span>India\u00a0<\/span><\/span><\/a>(RBI),\u00a0<\/span><\/span>which\u00a0<\/span><\/span>stated\u00a0<\/span><\/span>on\u00a0<\/span><\/span>Wednesday\u00a0<\/span><\/span>that\u00a0<\/span><\/span>more\u00a0<\/span>than\u00a0<\/span>97%\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>notes\u00a0<\/span><\/span><\/a>have\u00a0<\/span>been\u00a0<\/span><\/span>reinserted\u00a0<\/span><\/span>into\u00a0<\/span><\/span>the\u00a0<\/span>financial\u00a0<\/span>system.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>RBI<\/a>\u00a0<\/span><\/span>declared\u00a0<\/span><\/span>on\u00a0<\/span><\/span>May\u00a0<\/span>19\u00a0<\/span><\/span>that\u00a0<\/span><\/span>banknotes\u00a0<\/span><\/span>with\u00a0<\/span>a\u00a0<\/span><\/span>denomination\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>will\u00a0<\/span><\/span>no\u00a0<\/span>longer\u00a0<\/span><\/span>be\u00a0<\/span>in\u00a0<\/span><\/span>circulation.<\/span><\/span><\/span> <\/span><\/span><\/span>“The\u00a0<\/span><\/span>total\u00a0<\/span>value\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>bank\u00a0<\/span>notes\u00a0<\/span><\/span>in\u00a0<\/span><\/span>circulation,\u00a0<\/span><\/span>which\u00a0<\/span><\/span>amounted\u00a0<\/span><\/span>to\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>3.56\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>as\u00a0<\/span><\/span>at\u00a0<\/span><\/span>the\u00a0<\/span>close\u00a0<\/span><\/span>of\u00a0<\/span>business\u00a0<\/span><\/span>on\u00a0<\/span><\/span>May\u00a0<\/span>19,\u00a0<\/span><\/span>2023\u00a0<\/span><\/span>when\u00a0<\/span><\/span>the\u00a0<\/span>withdrawal\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>2,000\u00a0<\/span><\/span>bank\u00a0<\/span><\/span>notes\u00a0<\/span><\/span>was\u00a0<\/span>announced,\u00a0<\/span><\/span>has\u00a0<\/span>declined\u00a0<\/span><\/span>to\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>0.10\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>as\u00a0<\/span><\/span>at\u00a0<\/span><\/span>the\u00a0<\/span><\/span>close\u00a0<\/span><\/span>of\u00a0<\/span><\/span>business\u00a0<\/span><\/span>on\u00a0<\/span><\/span>October\u00a0<\/span>31,\u00a0<\/span><\/span>2023,”\u00a0<\/span><\/span>the\u00a0<\/span>circular\u00a0<\/span><\/span>stated.<\/span><\/span><\/span><\/span><\/span><\/span>As\u00a0<\/span><\/span>a\u00a0<\/span>result,\u00a0<\/span><\/span>the\u00a0<\/span>central\u00a0<\/span>bank\u00a0<\/span><\/span>reported\u00a0<\/span><\/span>that\u00a0<\/span>over\u00a0<\/span><\/span>97%\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>bank\u00a0<\/span>notes\u00a0<\/span><\/span>that\u00a0<\/span>were\u00a0<\/span><\/span>in\u00a0<\/span><\/span>circulation\u00a0<\/span><\/span>as\u00a0<\/span>of\u00a0<\/span><\/span>May\u00a0<\/span>19,\u00a0<\/span><\/span>2023,\u00a0<\/span><\/span>had\u00a0<\/span>been\u00a0<\/span><\/span>returned.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>public\u00a0<\/span><\/span>can\u00a0<\/span>deposit\u00a0<\/span><\/span>and\/or\u00a0<\/span><\/span>exchange\u00a0<\/span><\/span>the\u00a0<\/span>two\u00a0<\/span><\/span>thousand\u00a0<\/span><\/span>rupee\u00a0<\/span><\/span>notes\u00a0<\/span><\/span>at\u00a0<\/span>any\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>nation’s\u00a0<\/span><\/span>19\u00a0<\/span><\/span>RBI\u00a0<\/span><\/span>offices.<\/span><\/span><\/span> <\/span><\/span><\/span>“The\u00a0<\/span>people\u00a0<\/span><\/span>is\u00a0<\/span>kindly\u00a0<\/span>asked\u00a0<\/span><\/span>to\u00a0<\/span>use\u00a0<\/span><\/span>the\u00a0<\/span>option\u00a0<\/span><\/span>of\u00a0<\/span><\/span>mailing\u00a0<\/span><\/span>the\u00a0<\/span>Rs\u00a0<\/span><\/span>2,000\u00a0<\/span><\/span>bank\u00a0<\/span>notes\u00a0<\/span><\/span>via\u00a0<\/span><\/span>India\u00a0<\/span>Post\u00a0<\/span><\/span>post\u00a0<\/span><\/span>outlets.<\/span><\/span><\/span> <\/span><\/span><\/span>As\u00a0<\/span><\/span>a\u00a0<\/span>result,\u00a0<\/span><\/span>there\u00a0<\/span><\/span>will\u00a0<\/span>be\u00a0<\/span><\/span>no\u00a0<\/span><\/span>need\u00a0<\/span>to\u00a0<\/span>visit\u00a0<\/span><\/span>RBI\u00a0<\/span><\/span>offices\u00a0<\/span><\/span>in\u00a0<\/span>order\u00a0<\/span><\/span>to\u00a0<\/span>deposit\u00a0<\/span><\/span>or\u00a0<\/span><\/span>exchange\u00a0<\/span><\/span>the\u00a0<\/span>Rs\u00a0<\/span><\/span>2,000\u00a0<\/span><\/span>bank\u00a0<\/span><\/span>notes,”\u00a0<\/span><\/span>the\u00a0<\/span>central\u00a0<\/span>bank\u00a0<\/span><\/span>stated.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>initial\u00a0<\/span>request\u00a0<\/span><\/span>was\u00a0<\/span>made\u00a0<\/span><\/span>to\u00a0<\/span><\/span>the\u00a0<\/span>public\u00a0<\/span><\/span>and\u00a0<\/span><\/span>entities\u00a0<\/span><\/span>holding\u00a0<\/span><\/span>these\u00a0<\/span>notes\u00a0<\/span><\/span>to\u00a0<\/span>exchange\u00a0<\/span><\/span>or\u00a0<\/span><\/span>deposit\u00a0<\/span><\/span>them\u00a0<\/span>in\u00a0<\/span><\/span>bank\u00a0<\/span>accounts\u00a0<\/span><\/span>by\u00a0<\/span><\/span>September\u00a0<\/span>30.<\/span><\/span><\/span><\/span><\/span><\/span>October\u00a0<\/span>7\u00a0<\/span><\/span>was\u00a0<\/span>added\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>deadline.<\/span><\/span><\/span> <\/span><\/span><\/span>On\u00a0<\/span><\/span>October\u00a0<\/span>7,\u00a0<\/span><\/span>deposit\u00a0<\/span><\/span>and\u00a0<\/span>exchange\u00a0<\/span><\/span>services\u00a0<\/span><\/span>at\u00a0<\/span><\/span>bank\u00a0<\/span>locations\u00a0<\/span><\/span>were\u00a0<\/span><\/span>stopped.<\/span><\/span><\/span> <\/span><\/span><\/span>At\u00a0<\/span><\/span>19\u00a0<\/span><\/span>RBI\u00a0<\/span><\/span>offices,\u00a0<\/span><\/span>people\u00a0<\/span><\/span>have\u00a0<\/span>had\u00a0<\/span><\/span>the\u00a0<\/span>option\u00a0<\/span><\/span>of\u00a0<\/span>exchanging\u00a0<\/span><\/span>their\u00a0<\/span>currency\u00a0<\/span><\/span>or\u00a0<\/span><\/span>having\u00a0<\/span><\/span>the\u00a0<\/span>same\u00a0<\/span><\/span>amount\u00a0<\/span><\/span>credited\u00a0<\/span><\/span>to\u00a0<\/span>their\u00a0<\/span><\/span>bank\u00a0<\/span>accounts\u00a0<\/span><\/span>as\u00a0<\/span>of\u00a0<\/span><\/span>October\u00a0<\/span>8.<\/span><\/span><\/span> <\/span><\/span><\/span>In\u00a0<\/span><\/span>the\u00a0<\/span>meantime,\u00a0<\/span><\/span>lengthy\u00a0<\/span>lines\u00a0<\/span><\/span>are\u00a0<\/span>seen\u00a0<\/span><\/span>at\u00a0<\/span><\/span>RBI\u00a0<\/span><\/span>offices\u00a0<\/span><\/span>during\u00a0<\/span><\/span>business\u00a0<\/span>hours\u00a0<\/span><\/span>to\u00a0<\/span>exchange\u00a0<\/span><\/span>or\u00a0<\/span><\/span>deposit\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>notes.<\/span><\/span><\/span> <\/span><\/span><\/span>Ahmedabad,\u00a0<\/span><\/span>Bangalore,\u00a0<\/span><\/span>Belapur,\u00a0<\/span><\/span>Bhopal,\u00a0<\/span><\/span>Bhubaneswar,\u00a0<\/span><\/span>Chandigarh,\u00a0<\/span><\/span>Chennai,\u00a0<\/span><\/span>Guwahati,\u00a0<\/span><\/span>Hyderabad,\u00a0<\/span><\/span>Jaipur,\u00a0<\/span><\/span>Jammu,\u00a0<\/span><\/span>Kanpur,\u00a0<\/span><\/span>Kolkata,\u00a0<\/span><\/span>Lucknow,\u00a0<\/span><\/span>Mumbai,\u00a0<\/span><\/span>Nagpur,\u00a0<\/span><\/span>New\u00a0<\/span>Delhi,\u00a0<\/span><\/span>Patna,\u00a0<\/span><\/span>and\u00a0<\/span><\/span>Thiruvananthapuram\u00a0<\/span><\/span>are\u00a0<\/span>the\u00a0<\/span><\/span>19\u00a0<\/span><\/span>RBI\u00a0<\/span><\/span>offices\u00a0<\/span><\/span>that\u00a0<\/span>deposit\u00a0<\/span><\/span>and\u00a0<\/span>exchange\u00a0<\/span><\/span>bank\u00a0<\/span>notes.<\/span><\/span><\/span> <\/span><\/span><\/span>November\u00a0<\/span>2016\u00a0<\/span><\/span>saw\u00a0<\/span><\/span>the\u00a0<\/span>introduction\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>bank\u00a0<\/span>notes,\u00a0<\/span><\/span>which\u00a0<\/span><\/span>replaced\u00a0<\/span><\/span>the\u00a0<\/span><\/span>then-current\u00a0<\/span><\/span>Rs\u00a0<\/span>1,000\u00a0<\/span><\/span>and\u00a0<\/span><\/span>Rs\u00a0<\/span>500\u00a0<\/span><\/span>bank\u00a0<\/span>notes.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\"More
More than 97 pc of Rs 2,000 notes returned to banking system: RBI<\/figcaption><\/figure>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

MUMBAI: Only\u00a0over\u00a0Rs\u00a010,000\u00a0crore\u00a0worth\u00a0of\u00a0bank\u00a0notes\u00a0are\u00a0still\u00a0in\u00a0circulation,\u00a0according\u00a0to\u00a0the\u00a0Reserve\u00a0Bank\u00a0of\u00a0India\u00a0(RBI),\u00a0which\u00a0stated\u00a0on\u00a0Wednesday\u00a0that\u00a0more\u00a0than\u00a097%\u00a0of\u00a0the\u00a0Rs\u00a02,000\u00a0notes\u00a0have\u00a0been\u00a0reinserted\u00a0into\u00a0the\u00a0financial\u00a0system. The\u00a0RBI\u00a0declared\u00a0on\u00a0May\u00a019\u00a0that\u00a0banknotes\u00a0with\u00a0a\u00a0denomination\u00a0of\u00a0Rs\u00a02,000\u00a0will\u00a0no\u00a0longer\u00a0be\u00a0in\u00a0circulation. “The\u00a0total\u00a0value\u00a0of\u00a0Rs\u00a02,000\u00a0bank\u00a0notes\u00a0in\u00a0circulation,\u00a0which\u00a0amounted\u00a0to\u00a0Rs\u00a03.56\u00a0lakh\u00a0crore\u00a0as\u00a0at\u00a0the\u00a0close\u00a0of\u00a0business\u00a0on\u00a0May\u00a019,\u00a02023\u00a0when\u00a0the\u00a0withdrawal\u00a0of\u00a0Rs\u00a02,000\u00a0bank\u00a0notes\u00a0was\u00a0announced,\u00a0has\u00a0declined\u00a0to\u00a0Rs\u00a00.10\u00a0lakh\u00a0crore\u00a0as\u00a0at\u00a0the\u00a0close\u00a0of\u00a0business\u00a0on\u00a0October\u00a031,\u00a02023,”\u00a0the\u00a0circular\u00a0stated.As\u00a0a\u00a0result,\u00a0the\u00a0central\u00a0bank\u00a0reported\u00a0that\u00a0over\u00a097%\u00a0of\u00a0the\u00a0Rs\u00a02,000\u00a0bank\u00a0notes\u00a0that\u00a0were\u00a0in\u00a0circulation\u00a0as\u00a0of\u00a0May\u00a019,\u00a02023,\u00a0had\u00a0been\u00a0returned. The\u00a0public\u00a0can\u00a0deposit\u00a0and\/or\u00a0exchange\u00a0the\u00a0two\u00a0thousand\u00a0rupee\u00a0notes\u00a0at\u00a0any\u00a0of\u00a0the\u00a0nation’s\u00a019\u00a0RBI\u00a0offices. “The\u00a0people\u00a0is\u00a0kindly\u00a0asked\u00a0to\u00a0use\u00a0the\u00a0option\u00a0of\u00a0mailing\u00a0the\u00a0Rs\u00a02,000\u00a0bank\u00a0notes\u00a0via\u00a0India\u00a0Post\u00a0post\u00a0outlets. As\u00a0a\u00a0result,\u00a0there\u00a0will\u00a0be\u00a0no\u00a0need\u00a0to\u00a0visit\u00a0RBI\u00a0offices\u00a0in\u00a0order\u00a0to\u00a0deposit\u00a0or\u00a0exchange\u00a0the\u00a0Rs\u00a02,000\u00a0bank\u00a0notes,”\u00a0the\u00a0central\u00a0bank\u00a0stated. The\u00a0initial\u00a0request\u00a0was\u00a0made\u00a0to\u00a0the\u00a0public\u00a0and\u00a0entities\u00a0holding\u00a0these\u00a0notes\u00a0to\u00a0exchange\u00a0or\u00a0deposit\u00a0them\u00a0in\u00a0bank\u00a0accounts\u00a0by\u00a0September\u00a030.October\u00a07\u00a0was\u00a0added\u00a0to\u00a0the\u00a0deadline. On\u00a0October\u00a07,\u00a0deposit\u00a0and\u00a0exchange\u00a0services\u00a0at\u00a0bank\u00a0locations\u00a0were\u00a0stopped. At\u00a019\u00a0RBI\u00a0offices,\u00a0people\u00a0have\u00a0had\u00a0the\u00a0option\u00a0of\u00a0exchanging\u00a0their\u00a0currency\u00a0or\u00a0having\u00a0the\u00a0same\u00a0amount\u00a0credited\u00a0to\u00a0their\u00a0bank\u00a0accounts\u00a0as\u00a0of\u00a0October\u00a08. In\u00a0the\u00a0meantime,\u00a0lengthy\u00a0lines\u00a0are\u00a0seen\u00a0at\u00a0RBI\u00a0offices\u00a0during\u00a0business\u00a0hours\u00a0to\u00a0exchange\u00a0or\u00a0deposit\u00a0Rs\u00a02,000\u00a0notes. Ahmedabad,\u00a0Bangalore,\u00a0Belapur,\u00a0Bhopal,\u00a0Bhubaneswar,\u00a0Chandigarh,\u00a0Chennai,\u00a0Guwahati,\u00a0Hyderabad,\u00a0Jaipur,\u00a0Jammu,\u00a0Kanpur,\u00a0Kolkata,\u00a0Lucknow,\u00a0Mumbai,\u00a0Nagpur,\u00a0New\u00a0Delhi,\u00a0Patna,\u00a0and\u00a0Thiruvananthapuram\u00a0are\u00a0the\u00a019\u00a0RBI\u00a0offices\u00a0that\u00a0deposit\u00a0and\u00a0exchange\u00a0bank\u00a0notes. November\u00a02016\u00a0saw\u00a0the\u00a0introduction\u00a0of\u00a0the\u00a0Rs\u00a02,000\u00a0bank\u00a0notes,\u00a0which\u00a0replaced\u00a0the\u00a0then-current\u00a0Rs\u00a01,000\u00a0and\u00a0Rs\u00a0500\u00a0bank\u00a0notes.  <\/p>\n","protected":false},"author":2,"featured_media":4820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13,67,89],"tags":[],"class_list":["post-4819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","category-header","category-national"],"gutentor_comment":0,"yoast_head":"\nMore than 97 pc of Rs 2,000 notes returned to banking system: RBI<\/title>\n<meta name=\"description\" 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