97.76% of Rs 2000 Currency Notes Returned to Banking System : RBI

The Reserve Bank of India (RBI) has provided an update on the withdrawal of Rs 2000 denomination banknotes from circulation.

  1. As of April 30, 2024, the total value of Rs 2000 banknotes in circulation has significantly decreased from Rs 3.56 lakh crore on May 19, 2023, to Rs 7961 crore.
  2. This decrease indicates that 97.76% of the Rs 2000 banknotes in circulation as of May 19, 2023, have been returned.
  3. The withdrawal process was initially announced through a press release dated May 19, 2023, with periodic updates from the RBI.
  4. Initially, the facility for deposit and/or exchange of Rs 2000 banknotes was available at all bank branches until October 7, 2023.
  5. Subsequently, the exchange facility has been available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023.
  6. Starting from October 9, 2023, these offices also started accepting Rs 2000 banknotes from individuals/entities for deposit into their bank accounts.
  7. Additionally, members of the public have been able to send Rs 2000 banknotes through India Post from any post office within the country to any RBI Issue Office for credit to their bank accounts.
  8. Despite the withdrawal process, Rs 2000 banknotes continue to be legal tender.

Question: Despite the withdrawal process, what is the status of Rs 2000 banknotes?

a) They are no longer legal tender
b) They can only be used for specific transactions
c) They are still legal tender
d) They can only be exchanged at specific locations

Ans : c) They are still legal tender

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