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Page 2 - Demonetisation

Rs 2,000 notes in circulation down to Rs 8,897 cr, 97.5% returned: RBI

The Reserve Bank of India (RBI) on Thursday said nearly 97.5 per cent of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 8,897 crore worth of the withdrawn notes are still with the public. On May 19, 2023 the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2,000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 8,897 crore at the close of business on January 31, 2024," the RBI said in a statement. Thus, 97.5 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned, it added. "The Rs 2,000 banknotes continue to be legal tender," the RBI added. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank notes through India Post from any post office to any of the

Updated On : 01 Feb 2024 | 7:40 PM IST

RBI says Rs 2,000 notes can be exchanged through post offices as well

The Reserve Bank of India (RBI) has said that Rs 2,000 notes can be exchanged through post offices as well. There are reports of people queuing up at the RBI offices for returning the Rs 2,000 notes. In a set of Frequently Asked Questions (FAQs) on its website, the RBI said people can send the notes to any of its 19 issue offices from any post office. People need to fill up an application form which is available online and send the notes to a RBI issue office from any facility of India Post, it said. In May last year, the apex bank announced its decision to withdraw the Rs 2,000 notes, which was first introduced after the demonetisation exercise in 2016. The decision to withdraw the Rs 2,000 notes was taken as most of these notes had exceeded their expected lifespan and were also not being used by the public for transactions, the RBI had said. At present, over 97.38 per cent of the Rs 2,000 notes in circulation as in May 2023 have been returned. After allowing for exchange or dep

Updated On : 05 Jan 2024 | 9:40 PM IST

Demonetisation 'biggest corruption' in world, says Akhilesh Yadav

Samajwadi Party chief Akhilesh Yadav on Saturday termed demonetisation as the "biggest corruption" in the world. Speaking to reporters at the party office in Lucknow, Yadav said, "Demonetisation done by the BJP government (in 2016) is the biggest corruption in the world. To compensate for the fraud and loss of Rs 15 lakh crore in the country, this government (of the BJP) had taken the decision of demonetisation as a well thought out strategy." "The government got all the money of the public deposited in the banks. (It) took the money of the poor to fill the coffers of the rich. The prime minister had said that demonetisation will end corruption and terrorism. Inflation will be reduced. "But his claims proved to be false. Even after demonetisation, corruption did not reduce, inflation did not stop and terrorism did not end. Today, inflation, unemployment and corruption are at their peak in the country," he said. The SP further said, "As per statistics, even today, the cash market in