Note Ban Impact

The Reserve Bank of India (RBI) on Monday said 97.87 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,581 crore worth of the withdrawn notes are still with the public.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 7,581 crore at the close of business on June 28, 2024. "Thus, 97.87 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 accept

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