Demonetisation

98% of Rs 2,000 notes returned; Rs 6,839 cr worth notes still with public

The Reserve Bank on Monday said 98.08 per cent of the Rs 2,000 banknotes have been returned to the banking system, and only Rs 6,839 crore worth such notes are still with the public. On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 denomination banknotes 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, has declined to Rs 6,839 crore at the close of business on November 29, 2024, RBI said. "Thus, 98.08 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned," it said in a statement. The facility for deposit and/or exchange of the Rs 2,000 banknotes was available at all bank branches till October 7, 2023. However, this facility is still available at the 19 issue offices of the Reserve Bank. From October 9, 2023, the RBI issue offices are also accepting Rs 2,000 banknotes from individuals and entities for deposit into

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

Demonetisation led to monopolies, devastated MSMEs, informal sector: Rahul

Leader of Opposition in Lok Sabha Rahul Gandhi on Friday alleged that demonetisation has led to monopolies by devastating the MSMEs and informal sector and India continues to use more cash today than eight years ago. His attack came on the eighth anniversary of demonetisation. On November 8, 2016, Prime Minister Narendra Modi announced demonetisation in an address to the nation declaring that Rs 500 and Rs 1,000 notes would cease to be legal tender. One of the reasons cited by the government at that time was to promote the digital economy and reduce cash transactions to check corruption and black money. "India continues to use more cash today than 8 years ago when demonetisation was implemented. "DeMo paved the way for monopolies by devastating MSMEs and the informal sector," Gandhi said in a post on X. Incompetent and ill-intended policies that create an environment of fear for businesses will stifle India's economic potential, the former Congress chief said. "What is needed is

8 years post demonetisation: Black money still haunts real estate

90% citizens surveyed want all products and services by builders and their subcontractors to be purchased with GST receipts, according to a survey by LocalCircles

Since withdrawal, 98% of Rs 2,000 notes have been returned, says RBI

The Reserve Bank of India on Tuesday said 98 per cent of the Rs 2,000 denomination notes have been returned since its May 2023 move to withdraw the currency notes. The total value of notes of the denomination has reduced to Rs 7,117 crore from the Rs 3.56 lakh crore on May 19, 2023, the central bank said. "98 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," the RBI said. On May 19, 2023, the RBI announced a surprise decision to withdraw the Rs 2,000 currency notes. The move was prompted on quality concerns and the denomination introduced after the demonetisation of November 2016 fulfilling its purpose. The central bank said Rs 2,000 notes continue to be legal tender and can be exchanged at 19 issue offices of the RBI either physically or sent by post for a credit into bank accounts.

Counterfeit notes rife again, claims Congress, questions demonetisation

The Congress on Friday claimed the counterfeit notes have become rife once again and termed as an "eyewash" the government's assertion that the overall number of counterfeit notes detected has fallen. The opposition party also claimed that counterfeiting has just moved rapidly to higher-value notes. Congress general secretary in-charge communications Jairam Ramesh asked what has the 2016 demonetisation achieved if neither black money nor counterfeiting has been curbed. "Eight years after the non-biological PM ground the economy to a halt through demonetisation, it appears that counterfeit notes have become rife once again - The number of counterfeit Rs 500 notes of the new series that have been detected has nearly quadrupled between 2018-19 and 2023-24. The number of fake Rs 2,000 notes has tripled since 2020-21, he claimed. "While the Government can claim that the overall number of counterfeit notes detected has fallen, this is an eyewash. Counterfeiting has just moved rapidly to

Rs 2000 notes: 97.87% returned; Rs 7,581 cr worth notes still with public

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

More than 7 years after demonetisation, ATMs are back in spotlight

Demand for cash has increased as e-commerce, retail firms expand. Cash-on-delivery accounts for more than 60% of e-commerce payments

97.69% of Rs 2000 currency notes returned to banking system, says RBI

The Reserve Bank of India (RBI) on Monday said nearly 97.69 per cent of the Rs 2000 denomination bank notes have returned to the banking system, and only Rs 8,202 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 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8,202 crore at the close of business on March 29, 2024, the Reserve Bank of India said in a statement. "Thus, 97.69 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, has since been returned," it added. The Rs 2,000 banknotes continue to be legal tender. People can deposit and/or exchange Rs 2000 bank notes at 19 RBI offices across the country. People can also send Rs 2000 bank notes through India Post from any post office to any of the RBI Issu

Rs 2,000 notes withdrawal: Currency-in-circulation growth dips to 3.7%

The growth in currency in circulation decelerated to 3.7 per cent for the week ended February 9 from 8.2 per cent a year ago, reflecting the impact of the decision of the Reserve Bank of India (RBI) to withdraw Rs 2,000 banknotes. Currency-in-circulation (CiC) refers to notes and coins in circulation, while currency with the public comprises notes and coins in circulation minus cash with banks. According to the RBI, commercial banks have reported double-digit growth in deposits in January, which too can be attributed to withdrawal of Rs 2,000 currency notes. The growth of Reserve Money (RM), as per the RBI data, decelerated to 5.8 per cent as on February 9, 2024 from 11.2 per cent a year ago (8.8 per cent adjusted for the first-round impact of change in Cash Reserve Ratio (CRR). Components of RM include CiC, banks' deposits in RBI and other deposits with the central bank. The growth in CiC , the largest component of RM, decelerated to 3.7 per cent from 8.2 per cent a year ago, ..

Delay in listing live issues affects quality of justice: Ex-SC judge Lokur

Prolonged delay in listing of "live issues" like matters pertaining to demonetisation and abrogation of Article 370 of the Constitution, and predictable pronouncements affect the quality of justice and create a perception that there is "something wrong" with the judicial system, former Supreme Court judge Madan B Lokur said on Saturday. Speaking at a seminar organised by the Campaign for Judicial Accountability and Reforms (CJAR) here, he said the problem with listing of cases is not something new and has been there for a very long time, particularly in the Supreme Court. "But today we are talking about it because the stakes today are much higher than what they were many years ago," Justice Lokur said while addressing the seminar's first session titled 'Supreme Court Administration and Management-? Issues and Concerns'. He said matters like demonetisation, Article 370, and electoral bonds for political funding were listed in the apex court for hearing after many years. "We have h

Paytm Payments Bank, RBI controversy: How will it impact the customers

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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

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

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

7 years of demonetisation: Change in use of cash in Indian economy

It's been seven years since the Centre announced demonetisation. A lot has happened since then. Digital India has risen, and customers' way of spending has changed. But is cash still the king?

Adhir Ranjan's jibe at PM as demonetisation exercise completes seven years

The Centre had on November 8, 2016, decided to cancel the legal tender status of Rs 1,000 and Rs 500 denomination currency notes with several objectives, including flushing out black money.

Lessons from 2016 demonetisation

RBI's handling of the withdrawal of Rs 2,000 notes shows how it learnt from past mistakes

ITAT nixes additional tax demand on firm for deposits during demonetisation

No reason for tax authorities to disbelieve why cash balance was needed, says tribunal

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