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TMI BlogWithdrawal of ₹2000 denomination currency notes by RBIX X X X Extracts X X X X X X X X Extracts X X X X ..... Withdrawal of ₹2000 denomination currency notes by RBI - News and Press Release Dated:- 25-7-2023 - News - The ₹2000 denomination banknotes were introduced on November 10, 2016 under Section 24(1) of Reserve Bank of India (RBI) Act, 1934, to expeditiously meet the currency requirement of the economy post withdrawal of legal tender status of all ₹500 and ₹1000 banknotes in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circulation at that time. This was stated by Union Minister of State for Finance Shri Pankaj Chuadhary in a written reply to a question in Rajya Sabha today. The Minister stated that vide RBI s Press Release dated 19.05.2023 (https:/ /www.rbi.org.in/ S cripts/BS_PressReleaseDisplay.aspx?prid=55707), RBI has conveyed that 89% of ₹2000 denomination notes were issued prior to March 2017 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d are close to the end of their useful life which spans from 4-5 years. According to Pan-India survey of public conducted by RBI, ₹ 2000 denomination banknotes are no longer preferred for transactions. Further, the Minister stated, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public. In view of above and in pursuance of RBI s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Clean Note Policy , it was decided by RBI to withdraw the ₹2000 denomination banknotes from circulation. Giving more information, as per RBI, the data on ₹2000 denomination banknotes in circulation (volume and value) for the years 2016 to 2023 as on end March each year is as follows: Banknotes of ₹2000 denomination in Circulation since 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Year Volume (crore pieces) Value (₹ crore) 2016 - - 2017 329 6,57,063 2018 336 6,72,642 2019 329 6,58,199 2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 274 5,47,952 2021 245 4,90,195 2022 214 4,28,394 2023 181 3,62,220 As per RBI, the Minister stated, the details of the volume and value of ₹2000 denomination banknotes in circulation and banknotes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... returned from circulation post withdrawal of ₹2000 currency notes are as follows: ₹2000 Denomination Volume (crore pieces) Value (in lakh crore) Circulation as on May 19, 2023 177.93 3.56 Circulation as on June 30, 2023 41.80 0.84 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Banknotes returned from Circulation since May 19, 2023 till June 30, 2023 136.13 2.72 Giving more information, the Minister stated that as per RBI, the data on Total Deposits outstanding and Gross Loans and advances outstanding , as reported by the Scheduled Commercial Banks, is as follows: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... As on Total Deposits outstanding Gross Loans and Advances outstanding (Values) (in Rs crore) (Growth_YoY) (in %) (Values) (in Rs crore) (Growth_YoY) (in %) 31 March, 2022 1,71,72,755 10.17 1,27,50, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 006 11.85 30 June, 2022 1,71,77,836 10.05 1,30,94,857 15.53 30 September, 2022 1,77,42,610 10.84 1,36,92,970 18.63 31 December, 2022 1,81,43,432 11.27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,41,30,450 16.77 31 March, 2023 1,90,56,113 10.97 1,47,57,129 15.74 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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