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The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) on Monday said 97.96 % of the <keyword id="6429211" type="General" weightage="20" keywordseo="rs-2" source="Orion">Rs 2</keyword>,000 denomination <keyword id="20481528" type="General" weightage="20" keywordseo="banknotes" source="keywords">banknotes</keyword> have returned to the banking system, and only Rs 7,261 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination banknotes from circulation. The total value of Rs 2,000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 7,261 crore at the close of business on August 30, 2024, the RBI said. "Thus, 97.96 % of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned," it said in a statement. The facility for deposit and/or exchange of the Rs 2,000 banknotes was available at all bank branches in the country till October 7, 2023. The facility for the exchange of the Rs 2,000 banknotes has been available at the 19 issue offices of the <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> since May 19, 2023. From October 9, 2023, RBI issue offices are also accepting Rs 2000 banknotes from individuals and entities for deposit into their bank accounts. Further, members of the public are sending Rs 2,000 banknotes through India Post from any post office within the country to any of the RBI issue offices for credit to their bank accounts. The 19 RBI offices depositing/exchanging the banknotes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. Rs 2000 banknotes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 banknotes. However, even after their discontinuation, Rs 2,000 notes continue to remain legal tender. Per the apex bank's last update, which came out on August 1st, 2024, Rs 2,000 banknotes had declined to Rs 7409 crore at the close of business on July 31, 2024. Thus, by last month, 97.92% of the Rs 2,000 banknotes which were in circulation as on May 19, 2023, had been returned.

Rs 2,000 notes: 97.96% returned; Rs 7,261 crore worth notes still with public

Small shops, kirana stores and even paanwalas are thinking of going digital and may soon swipe your cards at their shops. 
 
In the backdrop of de-monetisation, these merchants want to minimise their dependency on cash payments from the customers. 
 
The point of sale (POS) manufacturing companies saw a surge in demand from this segment of merchants in the past two days. 
 
"The number of transactions over the last two days on our POS terminals has doubled. We have received more than a thousand requests overnight for the installation of new terminals. Requests have come from doctors, apparel sellers, wedding planners etc,” Lokhvir Kapoor, CEO of Pine Labs, which manufactures POS terminals, told ET. 
 
Kapoor said a section of small and medium sized merchants and professionals who were resisting the switch over to digital payments, are now queuing up to make the switch and install more POS terminals.

Your kirana store may soon swipe cards, thanks to de-monetisation

About 2.1 per cent or Rs 7,581 crore of the withdrawn Rs 2,000 <keyword id="20481528" type="General" weightage="20" keywordseo="banknotes" source="keywords">banknotes</keyword> have not yet been returned to the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>, about nine months after the deadline to deposit or exchange them at bank branches was over. This essentially means 97.87 per cent of the total value of the high-value Rs 2,000 banknotes are back in the banking system by the end of June 2024, the Reserve Bank of India said in a statement on Monday. The total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, the date on which RBI decided to withdraw the banknote. The last day for the public to avail of exchange or to deposit high-value Rs 2000 banknotes at the banks was October 7, 2023. However, the window for depositing and/or exchanging the Rs 2,000 banknotes continues to be available at the 19 issue offices of the RBI. Those 19 RBI issue offices are in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. People from within the country can send Rs 2,000 banknotes through India Post from any post office to any of RBI Issue Offices for credit to their bank accounts in India. The Rs 2000 banknotes continue to be legal tender. The Rs 2000 banknote was introduced in November 2016, primarily to meet the currency requirements of the economy expeditiously after the <keyword id="19901049" type="General" weightage="20" keywordseo="withdrawal" source="keywords">withdrawal</keyword> of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank">Vraj Iron and Steel IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

2.1% of ₹2,000 banknotes, with value of ₹7,581 crore, still to be returned

Mumbai, The Reserve Bank on Friday said that as much as 93 per cent of Rs 2000 currency notes that were in circulation on May 19 -- the day when the currency was withdrawn from circulation -- have been returned to banks. According to the data received from the banks, the total value of Rs 2000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023, it said in a statement. "Consequently, Rs 2000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs 0.24 lakh crore. Thus, 93 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned," it said. Data collected from major banks indicates that out of the total banknotes in Rs 2000 denomination received back from circulation, about 87 per cent is in the form of deposits and the remaining around 13 per cent has been exchanged into other denomination banknotes. The <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> had announced the withdrawal of Rs 2000 banknotes from circulation on May 19, 2023.. The total value of Rs 2000 banknotes in circulation, which amounted to Rs 3.62 lakh crore on March 31, 2023, had declined to Rs 3.56 lakh crore as at the close of business on May 19, 2023. RBI requested the members of the public holding the high-value banknote to utilise the remaining period until September 30, 2023, to deposit and/or exchange them.

RBI says 93% of ₹2000 notes returned to banks

<ul class="summary-list"><li>De La Rue, the world's largest banknote maker, issued a profit warning on Wednesday.</li><li>The company said in a stock exchange filing that demand for banknotes is at a 20-year low.</li></ul>With demand plunging to a two-decade low, printing money isn't as lucrative as it used to be.De La Rue, the world's largest banknote maker, issued a profit warning on Wednesday, flagging a lower demand for cash. "The demand for banknotes has been at the lowest levels for over 20 years, resulting in a low order book going into FY24," the 210-year-old company said in a <a href="https://polaris.brighterir.com/public/de_la_rue/news/rns/story/rm44l9r" target="_blank" rel="noopener">Wednesday filing</a> to the London Stock Exchange. De La Rue prints banknotes and supplies raw materials for physical cash across 140 countries, including the UK, Thailand, and Qatar.The company now expects its full-year adjusted operating profit for the 2024 fiscal year to be around low-£20 million, or $25 million, half of its previous unadjusted estimates of £40.1 million, according to Refinitv data seen by Insider."The challenge at the moment is that there simply isn't quite the demand there to be where we want to be, which is disappointing," Clive Vacher, the CEO of De La Rue, told <a href="https://www.reuters.com/world/uk/uks-de-la-rue-plc-expects-profit-below-market-expectations-2023-04-12/" target="_blank" rel="noopener">Reuters</a> on Wednesday.Central banks snapped up banknotes during the pandemic, but they are now working through the stockpile before acquiring new stocks, De La Rue said in <a href="https://2752422.fs1.hubspotusercontent-na1.net/hubfs/2752422/Half%20year%20results%202022/DLR%20H1%2023%20final-LB55Y5G3.pdf" target="_blank" rel="noopener">November 2022.</a> Demand for banknotes has also been depressed due to government finances being squeezed by inflation, the cost-of-living crisis, and access to foreign exchange in some cases.It doesn't help that the modern banknote — much of which is made from polymer — lasts much longer than paper banknotes. <a href="https://www.bankofengland.co.uk/explainers/why-are-new-banknotes-made-of-polymer" target="_blank" rel="noopener">The Bank of England</a> estimates its polymer banknotes made by De La Rue last for at least two-and-a-half times longer than paper.De La Rue said Wednesday it is discussing with banks about amending lending terms that will take into account the company's revised outlook and higher interest rates.The company's profit warning on Wednesday sent De La Rue's share prices plunging nearly 20% to £40.50 apiece on the same day. Share prices are down 1.5% at £39.90 at 9.19 a.m. London time on Thursday. The stock is trading nearly 50% lower so far this year. On the upside, De La Rue expects revenues from its authentication division to exceed £100 million for the first time in the coming fiscal year. This is in part driven by demand for Australian passports, for which De La Rue is a supplier, according to the Wednesday filing. The company's fortunes are well chronicled with its Wednesday profit warning the third since January 2022. It was already closing production lines and cutting jobs as demand for cash slowed in <a href="https://www.businessinsider.com/de-la-rue-the-worlds-biggest-banknote-supplier-is-cutting-production-by-25-2015-12">2015</a> due to the rise of mobile internet-based payments.De La Rue did not immediately respond to Insider's request for comment.

The world's largest banknote printer says printing money isn't that profitable anymore

Mumbai, The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) on Friday said nearly 97.62 per cent of the Rs 2,000 bank notes have returned to the banking system, and only about Rs 8,470 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8,470 crore at the close of business on February 29, 2024," the RBI said in a statement. Thus, 97.62 per cent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have since been returned, it added. "The Rs 2,000 banknotes continue to be legal tender," the RBI added. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank notes through <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Post from any post office to any of the <keyword id="20026757" type="General" weightage="20" keywordseo="rbi-issue-offices" source="keywords">RBI Issue Offices</keyword> for credit to their bank accounts in India. Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30, 2023. The deadline was later extended to October 7, 2023. Deposit and exchange services at bank branches were discontinued on October 7, 2023. Starting October 8, 2023, individuals have been provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 offices of the RBI. The 19 RBI offices depositing/exchanging the bank notes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, <keyword id="20790999" type="General" weightage="20" keywordseo="patna-and-thiruvananthapuram" source="keywords">Patna and Thiruvananthapuram</keyword>. The Rs 2,000 bank notes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 bank notes.

As much as ₹8,470 crore worth ₹2,000 notes still with public: RBI

The Prime Minister Narendra Modi-led Indian government stopped exchange of old Rs 500 and Rs 1000 notes in bank counters and has only allowed the exchange to happen at the counter of the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>). 
 
The government extended the deadline of exemptions till December 15, which means petrol pumps, state-run hospitals will continue to accept the old notes till then. You can also pay your water and electricity bills till December 15 with old banknotes. 
 
Although the exchange has stopped at the bank counters, you can only deposit old banknotes till Dec 31. The current limit of withdrawal of upto Rs. 24,000 per week per bank account remains unchanged. 
 
You can withdraw upto Rs. 2,500 a day per card from the ATMs. 
 
The RBI has doubled the limit on digital transactions through e-wallets like Paytm to Rs. 20,000 per month.

Demonetisation: You can exchange old notes only at RBI counter till Dec 31

New Delhi, Mar 16 () The government on Monday said no decision has been taken to discontinue printing of Rs 2,000 banknotes, and state-owned SBI and Indian Bank are reconfiguring ATMs for Rs 500 and Rs 200 notes. "No indent was placed with the presses for printing of Rs 2,000 denomination notes for 2019-20. However, there is no decision to discontinue the printing of Rs 2,000 banknotes," Minister of State for Finance Anurag Singh Thakur said in a written reply in Lok Sabha. The minister was replying to a question whether the government has stopped printing of new Rs 2,000 currency notes and if the public sector banks have issued any circular to stop circulation of Rs 2,000 notes through ATMs. "In view of the higher circulation of currency notes of Rs 500 and Rs 200 denominations and inconvenience faced by the customers in exchanging Rs 2,000 currency notes, two of the public sector banks namely State Bank of India and Indian Bank have been issued instructions to the field functionaries to reconfigure the ATMs for currency notes of Rs 500 and Rs 200 denominations," Thakur said. He said printing of banknotes of particular denomination is decided by the government in consultation with the Reserve Bank of India (RBI) to maintain desired denomination mix for facilitating demand of public. Banknotes of Rs 2,000 denomination worth Rs 7.40 lakh crore have been printed and supplied so far, he said. The total face value of banknotes of Rs 2,000 denomination in circulation and in currency chests was Rs 5.49 lakh crore and Rs 0.93 lakh crore, respectively. Detailing about the denomination of lower-value currencies in circulation as on March 5, he stated that there are 19,624.77 million pieces of Rs 100 notes valued at Rs 1.96 lakh crore; 8,556.84 million for Rs 50 notes valued at Rs 42,784.20 crore; Rs 20 and Rs 10 denomination notes were valued at Rs 16,619.60 crore and Rs 30,510.79 crore, respectively. "The quantum of banknotes that needs to be printed broadly depends on the requirement for meeting the demand for banknotes due to inflation, GDP (gross domestic product) growth, replacement of soiled banknotes and reserve stock requirement," Thakur said. As on March 5, 67,002.24 million pieces of banknotes of 10, 20, 20 and 100 rupees denominations and 5,005.98 million pieces of coins of 10 rupee denomination were in circulation, the minister added. "Printing of banknotes of particular denomination is decided by the government in consultation with the RBI to maintain desired denomination mix for facilitating transactional demand for public," he added. KPM HRS

No decision to discontinue printing of Rs 2,000 banknotes: MoS Finance Thakur

Normal life was disrupted after Prime Minister Narendra Modi, all of a sudden, announced demonetisation and scrapped old banknotes of Rs 500 and Rs 1000. 
 
Since the time of the announcement, the whole nation went into tizzy as the Indian government the public very little time to exchange old currency with new bank notes. 
 The step taken to fight <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> and hoarding of unaccounted wealth has caused huge discomfort to people, especially those who do not have bank accounts. 
 
Even the banks and ATMs are failing in meeting demands of people. The government and the Reserve Bank of India (RBI) are doing everything they can to minimise the inconvenience. 
 
Here are the 8 latest developments in the demonetisation story so far 
 
 
(Images: Reuters/Indiatimes)

You Searched For "exchange of banknotes" and got 9 results

Rs 2,000 notes: 97.96% returned; Rs 7,261 crore worth notes still with public

PTI

Your kirana store may soon swipe cards, thanks to de-monetisation

BI India Bureau

2.1% of ₹2,000 banknotes, with value of ₹7,581 crore, still to be returned

ANI

RBI says 93% of ₹2000 notes returned to banks

PTI

The world's largest banknote printer says printing money isn't that profitable anymore

Huileng Tan

As much as ₹8,470 crore worth ₹2,000 notes still with public: RBI

PTI

Demonetisation: You can exchange old notes only at RBI counter till Dec 31

BI India Bureau

No decision to discontinue printing of Rs 2,000 banknotes: MoS Finance Thakur

PTI

8 latest developments in demonetisation so far

Akanksha Jain

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