Clean Note Policy News Today

Clean Note Policy represents a concerted effort to combat Naira abuse and mishandling, compromising the physical integrity of banknotes and

India Business News: RBI disclosed the Rs 2000 notes' decline to 8,202 crore by March 29, 2024, after the 2023 withdrawal under the Clean Note Policy. Exchange facilities

Over 97% of Indias 2,000-rupee currency notes, withdrawn in May 2023, have been returned. The total value of banknotes in circulation reduced to 8,470 crore rupees. The return rate is modest compared to the previous report. The 2,000-rupee note remains legally valid tender.

The Reserve Bank of India (RBI) has yet to receive ₹2000 banknotes worth ₹8,897 crore, according to the latest update as of January 31, 2024. The RBI had previously announced the withdrawal of the ₹2000 denomination banknotes from circulation, and the status of this withdrawal is periodically updated. The facility for deposit and exchange of these banknotes is available at RBI Issue Offices, with a significant portion already returned.

The penalties imposed by the RBI are in line with its Clean Note Policy, which requires immediate penalty levying upon the detection of a shortage in soiled note remittances or chest balances, regardless of the number of pieces detected. This penalty serves as a reminder to banks to ensure the proper handling and remittance of soiled notes. The RBIs strict enforcement of the Clean Note Policy aims to maintain the integrity of currency circulation in the country.

The Reserve Bank of India (RBI) has returned 97.26% of the 2000 rupee bank notes withdrawn from circulation as of May 19th, bringing the total value of the notes to Rs. 9,760 crores as of November 30th. The RBI emphasized that the highest denomination remains a legal tender. The note was introduced in November 2016 to meet currency requirements after the withdrawal of 500 and 1,000 notes.

SBI said that of the total amount, Rs 14,079 crore were received as exchange and Rs 66,807 crore through deposits. This accounts for 96 percent of the total Rs 2,000 in circulation since May this year.

The Rs 2000 note had been introduced in 2016 in an effort to rapidly remonetise the economy after Prime Minister Narendra Modi announced that the high-denomination Rs 500 and Rs 1000 notes were being withdrawn as part of the fight against black money.

The last date for returning or exchanging the ₹2,000 denomination currency notes is today, the Reserve Bank of India (RBI) said.

Moneycontrol had on September 29 exclusively reported that the RBI is likely to extend the deadline for public for returning Rs 2000 notes to facilitate remaining bank customers deposit or exchange the denomination