Rs 12,000 cr remain in circulation, RBI says day ahead of Rs 2000 note exchange deadline
This essentially means over 96 per cent of the total value of Rs 2,000 banknotes are back in the banking system.
This essentially means over 96 per cent of the total value of Rs 2,000 banknotes are back in the banking system.
the former Union Minister said: "Banks have clarified that no identity, no forms and no proof will be required to exchange the Rs 2,000 notes
The Reserve Bank of India has decided to withdraw the Rs 2000 denomination banknotes from circulation but they will continue to remain as legal tender.
The RTI application filed by IANS disclosed that the Bharatiya Reserve Bank Note Mudran (P) Ltd printed 3,542.991 million pieces of Rs 2,000 notes in the financial year 2016-17, which drastically came down to 111.507 million notes in 2017-18 and was further reduced to 46.690 million notes in 2018-19.
In order to curb fresh generation of black money, the Central government is preparing to gradually phase out the new…
