Will Rs 2000 notes worth Rs 25 thousand crore become junk? only 5 days leftAll the notes of Rs 2000 have not yet reached the banks in the country, the total value of which is being estimated at 3 billion dollars i.e. 25 thousand crore rupees. What will happen to them if this money does not reach by September 30? A big question remains. Because RBI has already said that after September 30, this money will have no value. The countdown of Rs 2000 note has started. Only 5 days are left. People currently have 2000 rupee notes in the market, whose value is 3 billion dollars i.e. 25 thousand crore rupees. The question is that if this money is not deposited in the banks, then 2000 rupee notes worth 3 billion dollars i.e. 25 thousand crore rupees will become worthless? The Reserve Bank of India i.e. RBI had ordered the withdrawal of Rs 2,000 notes on May 19. RBI had said that the people of the country who have Rs 2000 notes should either deposit them in the banks by 30th September or go to the banks and exchange them. Why was the decision taken to withdraw Rs 2000 notes? RBI had then said that after ending the legal tender of Rs 500 and Rs 1,000 notes in November 2016, it had issued Rs 2,000 note to meet the need of currency. The central bank said it had stopped printing of Rs 2,000 notes in 2018-19 after adequate stock of notes of other denominations was available. According to RBI, Rs 2,000 notes are not being widely used for transactions, after which the central bank decided to withdraw the notes. 2000 rupee note still to be deposited As of March 31, Rs 2000 notes were in circulation worth Rs 3.62 lakh crore, on May 19 this figure had fallen to Rs 3.56 lakh crore. By August 31, about 93 per cent of the Rs 2,000 notes, or about Rs 3.56 trillion, that were in circulation on May 19 – the day the currency was withdrawn from circulation – were returned to banks. This means that as of September 1, about 7 percent of the notes withdrawn, amounting to about $3 billion, are still held by the public. RBI had earlier said that the notes will remain legal currency even after September 30. But they will not be accepted for transaction purposes and can be changed only with RBI.

All the notes of Rs 2000 have not yet reached the banks in the country, the total value of which is being estimated at 3 billion dollars i.e. 25 thousand crore rupees. What will happen to them if this money does not reach by September 30? A big question remains. Because RBI has already said that after September 30, this money will have no value.

The countdown of Rs 2000 note has started. Only 5 days are left. People currently have 2000 rupee notes in the market, whose value is 3 billion dollars i.e. 25 thousand crore rupees. The question is that if this money is not deposited in the banks, then 2000 rupee notes worth 3 billion dollars i.e. 25 thousand crore rupees will become worthless? The Reserve Bank of India i.e. RBI had ordered the withdrawal of Rs 2,000 notes on May 19. RBI had said that the people of the country who have Rs 2000 notes should either deposit them in the banks by 30th September or go to the banks and exchange them.

Why was the decision taken to withdraw Rs 2000 notes?

RBI had then said that after ending the legal tender of Rs 500 and Rs 1,000 notes in November 2016, it had issued Rs 2,000 note to meet the need of currency. The central bank said it had stopped printing of Rs 2,000 notes in 2018-19 after adequate stock of notes of other denominations was available. According to RBI, Rs 2,000 notes are not being widely used for transactions, after which the central bank decided to withdraw the notes.

2000 rupee note still to be deposited

As of March 31, Rs 2000 notes were in circulation worth Rs 3.62 lakh crore, on May 19 this figure had fallen to Rs 3.56 lakh crore. By August 31, about 93 per cent of the Rs 2,000 notes, or about Rs 3.56 trillion, that were in circulation on May 19 – the day the currency was withdrawn from circulation – were returned to banks. This means that as of September 1, about 7 percent of the notes withdrawn, amounting to about $3 billion, are still held by the public. RBI had earlier said that the notes will remain legal currency even after September 30. But they will not be accepted for transaction purposes and can be changed only with RBI.