RBI Governor Sanjay Malhotra on Thursday said the Rs 2,000 currency notes are no longer in circulation but are still a legal tender while briefing the Parliamentary Sanding Committee on Finance about the growth of Indian economy, ANI reported
Many MPs had raised the question about the status of Rs 2,000 bank notes, the report said quoting sources.
According to official data cited by PTI, as of July 1, Rs 2,000 denomination notes worth Rs 6,099 crore are in circulation despite the RBI's announcement of their withdrawal over a year ago.
The RBI had initially declared the withdrawal of Rs 2,000 notes on May 19, 2023, and has updated regularly on the volume of circulation and value of notes returned.
The Rs 2,000 notes were originally introduced in November 2016 following the demonetisation of Rs 500 and Rs 1,000 notes.
The public can return Rs 2,000 notes through India Post from any post office in the country to any RBI Issue Office and have the equivalent amount credited to their bank account.
By December 2024, the RBI reported that 98.08% of the Rs 2,000 notes in circulation had been returned. The total value of these notes had dropped from Rs 3.56 lakh crore on May 19, 2023, to Rs 6,839 crore as of November 29, 2024.
The public could deposit or exchange Rs 2,000 notes at any bank branch until October 7, 2023. However, since October 9, 2023, the facility has been restricted to 19 designated RBI Issue Offices across India.
These RBI offices are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
Discussions on counterfeit notes
An MP also raised the issue of counterfeit currency circulation. The member stated that 1.12 lakh fake notes o Rs 500 domination have been found or seized by the agencies, adding that given over six crore notes are in circulation, this percentage-wise is quite low.
The governor noted this and said that the government and the RBI are fully committed to preventing such activities and are consistently taking measures to address this issue.
Further, several members also wanted to know about the status of cryptocurrency in India, the sources added.
BJP MP Bhartruhari Mahtab, Chairman of the Parliamentary Standing Committee on Finance, said after the meeting that it was a very meaningful discussion today with the Governor of the RBI.
"He gave us a wide range of information related to the economic situation and the financial system of our country. Members also had questions, and I believe most of them were quite convincing," the Chairman of Parliamentary Standing Committee on Finance said.
"The next meeting is likely to be on the 23rd or 24th of this month, with the RBI Governor, regarding the Insolvency and Bankruptcy Code (IBC). The economy is doing very well despite global headwinds, so that is the way in which he has explained," he added.
Many MPs had raised the question about the status of Rs 2,000 bank notes, the report said quoting sources.
According to official data cited by PTI, as of July 1, Rs 2,000 denomination notes worth Rs 6,099 crore are in circulation despite the RBI's announcement of their withdrawal over a year ago.
The RBI had initially declared the withdrawal of Rs 2,000 notes on May 19, 2023, and has updated regularly on the volume of circulation and value of notes returned.
The Rs 2,000 notes were originally introduced in November 2016 following the demonetisation of Rs 500 and Rs 1,000 notes.
The public can return Rs 2,000 notes through India Post from any post office in the country to any RBI Issue Office and have the equivalent amount credited to their bank account.
By December 2024, the RBI reported that 98.08% of the Rs 2,000 notes in circulation had been returned. The total value of these notes had dropped from Rs 3.56 lakh crore on May 19, 2023, to Rs 6,839 crore as of November 29, 2024.
The public could deposit or exchange Rs 2,000 notes at any bank branch until October 7, 2023. However, since October 9, 2023, the facility has been restricted to 19 designated RBI Issue Offices across India.
These RBI offices are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
Discussions on counterfeit notes
An MP also raised the issue of counterfeit currency circulation. The member stated that 1.12 lakh fake notes o Rs 500 domination have been found or seized by the agencies, adding that given over six crore notes are in circulation, this percentage-wise is quite low.
The governor noted this and said that the government and the RBI are fully committed to preventing such activities and are consistently taking measures to address this issue.
Further, several members also wanted to know about the status of cryptocurrency in India, the sources added.
BJP MP Bhartruhari Mahtab, Chairman of the Parliamentary Standing Committee on Finance, said after the meeting that it was a very meaningful discussion today with the Governor of the RBI.
"He gave us a wide range of information related to the economic situation and the financial system of our country. Members also had questions, and I believe most of them were quite convincing," the Chairman of Parliamentary Standing Committee on Finance said.
"The next meeting is likely to be on the 23rd or 24th of this month, with the RBI Governor, regarding the Insolvency and Bankruptcy Code (IBC). The economy is doing very well despite global headwinds, so that is the way in which he has explained," he added.
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