Friday, June 23, 2023

2/3 or more of the deposited Rs. 2,000 notes

 Delhi, India: The Reserve Bank of India (RBI), which has urged that these Rs 2,000 currency notes be exchanged or deposited by the end of September, has received much-needed consolation in the form of approximately Rs 2.5 lakh crore worth of deposits or exchanges.

This indicates that, as of right now, more than two-thirds of the Rs 2,000 notes worth Rs 3.6 lakh crore that were in circulation have been returned.

RBI officials are now urging individuals to complete the exercise as soon as possible rather than waiting because it wants to avoid any last-minute rush at bank branches. Individuals have not encountered any issues in the exchange or deposit of notes. There have been no major complaints, and things are proceeding steadily. An official stated, "It will be beneficial if people go to bank branches to deposit or exchange notes now, rather than waiting until closer to the deadline."

The RBI had announced in May that it had made the decision to stop issuing high-denomination notes.

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