Page 3 - Rs 2000 Notes News Today

Even as the deadline to exchange or deposit Rs 2,000 banknotes with banks is very near, reports suggest that a huge number of the highest denomination currency notes have not made their way to the banks. - Rs 2000 Notes Worth Billions Still In Circulation, But Why? Explained Inside

The online retailer said that if the product is delivered through a third-party courier partner, their own policies around the acceptance of Rs 2,000 currency notes will apply.

Bank notes of 2,000 denomination worth Rs 3.32 lakh crore have been received back by banks till August 31, according to data collated by the Reserve Bank of India (RBI).

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as much as 93 per cent of Rs 2000 currency notes that were in circulation on May 19 -- the day when the currency was withdrawn from circulation -- have been returned to banks.

"Data collected from major banks indicate that out of the total banknotes in Rs 2,000 denomination received back from circulation, about 87% is in the form of deposits and the remaining around 13% has been exchanged into other denomination banknotes," the Reserve Bank of India (RBI) said in a statement Friday.

The Reserve Bank of India said on August 1 that Rs 2,000 banknotes worth Rs 3.14 lakh crore, or 88 percent in circulation, have returned to the banking system, as on July 31.

The Rs 2000 notes have been used rampantly by the fake currency mafia eversince these bills introduced. Besides, going by the data from the IT department, these notes have constituted a major chunk of the black money seized in recent years.

In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary replied in negative to a question about whether there is a proposal to extend the deadline for the exchange of Rs 2000 in banks beyond September 30. "At present, this matter is not under consideration," the minister said.

The Finance Ministry on Monday said there is no proposal to extend the deadline for the exchange of Rs 2,000 notes beyond September 30, 2023.In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary replied in negative to a question about whether there is a proposal to extend the deadline for the exchange of Rs 2000 in banks beyond September 30.

Chidambaram said the key economic indicators are pointing downward and there is low confidence that the economy will reach the high growth path.