Winning Bizness Desk

Mumbai. After the announcement of withdrawal of 2000 rupee notes by RBI, 72% of 2000 rupee notes have been deposited or exchanged in designated banks. According to the reports, the total value of these returned or exchanged notes is Rs 2.62 lakh crore. Notably, while announcing the note withdrawal on May 19, the RBI had said that the total value of Rs 2,000 notes as of March 31 was Rs 3.62 lakh crore, which means one lakh crore till in the market. RBI has asked to exchange 2000 notes in banks or deposit in accounts till 30 September, but has also said that it will remain legal even after this. This is only to encourage people to return these notes to the banks. According to the guidelines issued by the government, no documents of any kind will have to be given to change the notes in the bank.

Exchange limit of ₹ 20,000 at a time

It is to be noted that Rs 2000 notes can be exchanged for another denomination up to a limit of ₹ 20,000 at a time. On the other hand, if you have an account, you can deposit any number of 2000 notes. Many times, questions arise that what will happen if the notes are not deposited by 30 September? So, the answer is 2000 notes can continue to be used for transactions and can also be received as payment. However, RBI has advised to deposit or exchange these bank notes on or before 30 September 2023. Notably, Rs 2000 notes came in the market in November 2016 after Prime Minister Narendra Modi had demonetised Rs 500 and Rs 1000 notes. Instead, a new set of notes of Rs 500 and Rs 2000 was issued in the new pattern. RBI has stopped printing 2000 notes from the year 2018-19, whereas in 2021-22, 38 crore 2000 notes have been destroyed.