RBI Spent Nearly Rs 18,000 Crore On Printing Rs 2,000 Notes Since 2016

From fiscals 2017–19, the total value of Rs 2,000 notes in circulation stood at Rs 7.4 lakh crore, according to the RBI. The RBI did not print any new Rs 2,000 denomination currency notes in the following years.

On May 19, the central bank announced the withdrawal of these notes from circulation under the Clean Note policy, and the public can deposit or exchange Rs 2,000 notes at bank branches until Sept. 30. However, the deadline was later extended by a week to Oct. 7.

The total value of the highest-denomination currency notes in circulation stood at Rs 3.56 lakh crore, compared with Rs 9,760 crore as of Nov. 30, according to the RBI.

The returned banknotes “are being processed in (the) RBI as per the laid-down procedure for disposal’, Chaudhary said.

The RBI has emphasised that the Rs 2,000 banknote continues to remain a legal tender. Depositors could also exchange Rs 2,000 banknotes for only up to Rs 20,000 at one time at the RBI’s 19 issue offices. Following the date, depositors can continue exchanging the currency notes at the RBI’s issue offices as well as send the bills through India Post.

BQ Prime had reported last week that several people had been making a beeline outside the RBI headquarters to exchange the banknotes for nearly two months.

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