Currency Notes

Did demonetisation hit the right notes? Evaluating its impact 8 years later

The demonetisation was intended to vanquish black money, reduce counterfeit currency, curb corruption, boost digital payments, and counter terrorism

Here's why Gandhi's image almost didn't make it to Indian currency notes

Mahatma Gandhi's image was not the immediate choice post-independence, and only after years of deliberation did his face come to symbolise India's currency

Wholesale CBDC circulation falls, whereas retail circulation rises in FY24

According to the RBI, this move is expected to enhance access and expand choices available to the users apart from testing the system resilience to handle multi-channel transactions

Nepal to introduce new Rs 100 currency note featuring Indian territories

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

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cent of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 8,897 crore worth of the withdrawn notes are still with the public.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

Pakistan to issue new currency notes to combat counterfeit currencies

Pakistan's central bank has announced that it will introduce new currency notes with enhanced security features to deal with the menace of counterfeit currencies in the cash-strapped country. The Governor of the State Bank of Pakistan Jameel Ahmed told the media here that the currency notes will be incorporated with advanced international security features, including distinct security numbers and design to modernise the Pakistani currency. Ahmed also said the transition would be gradual so that Pakistan does not face disruption and public panic problems as has been witnessed in some other countries in the past. However, some financial experts wonder whether the introduction of new currency notes could also include demonetisation of the Rs 5,000 or higher denomination notes to combat the counterfeit and black money market. According to experts, cash-strapped Pakistan's economy is influenced a lot by the illegal use of black money which is easier due to the circulation of higher ...

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

Argentina to devalue peso by more than 50% to help its struggling economy

In recent years, Argentina's central bank has printed more of the peso to help the country's government avoid defaulting on its debt. That has resulted in skyrocketing prices

Cash questions

Increased currency circulation is intriguing

The curious case of govt-owned Bank Note Paper Mill's private status

Indovative Products, a Delhi-based start-up that manufactures currency packaging products, submitted its bids but was rejected on the technical ground that it lacked "past experience"

Going to the bank with Rs 2,000 notes? Things you should keep in mind

The I-T department is keeping a close watch on cash transactions that deposit more than Rs 10 lakh in a saving account or more than Rs 50 lakh in current accounts

Nearly 80% Indians depositing Rs 2,000 notes instead of exchanging: Report

Back in May 2023, the central bank said that it would withdraw Rs 2,000 notes from circulation and allowed people to exchange or deposit these notes latest by September 30, 2023

Digital transactions in India highest in world but why is cash still king?

The Reserve Bank of India believes that households in India hold more high-value currency notes at home while substituting lower-value notes with digital transactions

Explained: What are the tax implications of depositing Rs 2,000 notes?

Are you depositing Rs 2,000 notes in the bank? Will your deposits be monitored? Will you need to pay any tax on it? How can you avoid a tax notice on these deposits? Read to find the answer

Explained: How much does it cost to print rupees?

A note on India's commemorative coins, what's in demand and how to buy

India has issued more than 150 sets of commemorative coins since 1964 that are sold by govt mints; the Rs 75 coin is the latest

Day 2 of Rs 2,000 note exchange has banks running out of cash for exchange

Some banks had to temporarily halt exchanges of Rs 2,000 currency notes as they waited for supply of currency notes to be replenished

Top headlines: Post offices can't change Rs 2,000, new Digital India Bill

Business Standard brings you top news at this hour

Day 1 of Rs 2,000 currency note exchange: Banks wait, customers await

Banks differ on procedure to exchange withdrawn currency

TMS Ep438: Withdrawal of Rs 2,000 notes, bank stocks, clean note policy

How can you exchange Rs 2,000 notes? How will withdrawal of Rs 2,000 notes affect the economy? Is withdrawal of Rs 2,000 notes positive for bank stocks? What is RBI's clean note policy? Answers here