From Demonetization to Transition, India’s Resilience Echoes in Rs 2,000 Notes Revelation
On a recent Friday, the Reserve Bank of India (RBI) shared an update that touched the lives of many across the nation. They revealed that a remarkable 97.26 per cent of the Rs. 2000 notes, which had been part of our daily transactions, found their way back into the banking system. A sum of Rs. 9,760 crores still resides in the hands of individuals.
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Currency Shift: Rs 2000 Withdrawal Impact
This revelation followed the RBI’s announcement on May 19 about the phased withdrawal of Rs. 2,000 notes from circulation, signalling a change in the currency landscape. As of November 30, 2023, the total value of Rs. 2,000 notes in circulation reduced to Rs. 3.56 lakh crore, underlining a significant shift in our economic practices.
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The RBI, understanding the human aspect of this transition, provided avenues for people to deposit or exchange their Rs. 2,000 banknotes at 19 RBI offices scattered across the country. People were even offered the convenience of sending these notes from any post office to RBI issuing offices, ensuring a smooth process.
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This journey began in November 2016, post the demonetization of Rs. 1,000 and Rs. 500 notes, when the Rs. 2,000 notes were introduced. The story of these banknotes reflects not just financial changes, but a shared experience of adaptation and resilience by the people of India.
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