The Reserve Bank of India (RBI) has extended the last date for the exchange of 2,000 rupee denomination banknotes to October 7, 2023. This decision was made after a review of the withdrawal process, as the initial period specified for withdrawal had ended.
- As of May 19, 2023, data from banks indicated that there were Rs 3.56 lakh crore worth of Rs 2000 banknotes in circulation.
- Out of this total, Rs 3.42 lakh crore has been received back by banks, leaving only Rs 0.14 lakh crore in circulation as of September 29, 2023.
- This means that 96 percent of the Rs 2000 banknotes in circulation as of May 19, 2023, have been returned to the banks.
- The RBI had previously announced the withdrawal of the Rs 2,000 banknote from circulation on May 19 but clarified that these notes would continue to be legal tender until the extended date.
Q.: When did the RBI initially announce the withdrawal of the Rs 2,000 banknote from circulation?
a) September 29, 2023
b) October 7, 2023
c) December 9, 2022
d) May 19, 2023
Ans : d) May 19, 2023