Banknotes

The Reserve Bank of India (RBI) on Thursday said 97.92 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,409 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal was announced, has declined to Rs 7,409 crore at the close of business on July 31, 2024. "Thus, 97.92 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," the central bank said in a statement. The facility for deposit and/or exchange of the Rs 2000 banknotes was available at all bank branches in the country till October 7, 2023. The facility for the exchange of the Rs 2000 banknotes has been available at the 19 issue offices of the Reserve Bank since May 19, 2023. From October 9, 20

The notes use printed patterns to generate holograms of the portraits facing different directions, depending on the angle of view

The Reserve Bank of India (RBI) on Monday said 97.82 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,755 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, has declined to Rs 7,755 crore at the close of business on May 31, 2024. "Thus, 97.82 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," the central bank said in a statement. The facility for deposit and/or exchange of the Rs 2000 banknotes was available at all bank branches in the country till October 7, 2023. The facility for the exchange of the Rs 2000 banknotes has been available at the 19 issue offices of the Reserve Bank since May 19, 2023. From October 9, 2023, RBI issue offices are also accepti

India has contested Nepal's decision to print notes with an updated map which includes Lipulekh, Limpiyadhura, and Kalapani

The presence of this symbol recently sparked discussions on various social media platforms

The Reserve Bank of India on Wednesday told the Bombay High Court while it acknowledges the concerns of visually impaired persons regarding identification of currencies, introducing new banknotes was a monumental task that is time-consuming and also entails heavy expenditure. The RBI, in an affidavit filed in the HC, maintained the process of introducing a new series of banknotes is an extremely complicated and time-consuming process extending over a period of six to seven years. The affidavit was filed in response to a petition by the National Association of the Blind (NAB), claiming new currency notes and coins issued by the central bank posed difficulty for visually-impaired people in identifying and distinguishing them. The matter is being heard by a division bench headed by Acting Chief Justice Nitin Jamdar. The affidavit said the process adopted before introducing new series of banknotes involves multiple considerations, including incorporation of visually impaired-friendly .

According to RBI, as on May 19, the total value of Rs 2,000 notes in circulation was Rs 3.56 trillion and out of this, notes worth Rs 2.72 trillion have been returned

The Delhi High Court on Monday dismissed a public interest litigation (PIL) challenging the RBI's decision to withdraw Rs 2,000 denomination banknotes from circulation. A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad, which had reserved its order on the PIL on May 30, rejected the plea. Petitioner Rajneesh Bhaskar Gupta has contended that the Reserve Bank of India (RBI) has no power to withdraw Rs 2,000 currency notes from circulation and only the Centre could have taken a decision in this regard. In his plea, the petitioner submitted that the RBI has no independent power to direct the non-issue or discontinuance of issue of banknotes of any denominational values and this power is vested only with the Centre under section 24 (2) of the RBI Act, 1934. Regarding the high court's May 29 judgment on a PIL which had challenged the notifications by the RBI and SBI enabling exchange of Rs 2,000 banknotes without requisition slip and identity proof, the ...

Do not palm them off to others: it is a crime and you will legal face action

The value and volume of banknotes in circulation increased by 7.8 per cent and 4.4 per cent, respectively, during 2022-23 as compared with 9.9 per cent and 5 per cent, respectively, in 2021-22, revealed the RBI annual report released on Tuesday. In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 87.9 per cent of the total value of banknotes in circulation as on March 31, 2023, as compared to 87.1 per cent a year ago. The Reserve Bank has announced withdrawal of Rs 2,000 notes, and holders of the highest value currency have been given time till September 30 to exchange or deposit them. "In volume terms, Rs 500 denomination constituted the highest share at 37.9 per cent, followed by Rs 10 denomination banknotes which constituted 19.2 per cent of the total banknotes in circulation as on March 31, 2023," said the report. There were 5,16,338 lakh pieces of Rs 500 denomination notes totalling Rs 25,81,690 crore at end-March 2023. The number of Rs 500 notes

India has already had Rs 10,000 notes as its highest denomination in the past

In the case of coins, RBI's role is restricted only to the distribution of the coins

Here is the best of Business Standard's opinion pieces for today

Delhi's Chief Minister Arvind Kejriwal said that efforts to make India wealthy would only bear fruit with blessings from gods and goddesses.

As per RBI (Note Refund) Rules, 2009 no bank can decline to exchange the damaged, mutilated, taped or torn banknotes. Here're RBI rules for exchange you must know.

Printing of banknotes of particular denomination is decided by the government in consultation with the Reserve Bank of India

The euro was introduced in cash form in 2002

So far, it had been widely believed that the virus could survive for up to three days on solid surfaces

The total face value of banknotes of Rs 2,000 denomination in circulation and in currency chests was Rs 5.49 lakh crore and Rs 0.93 lakh crore, respectively.