The biggest note, i.e. Rs 2000 note, is now a guest for a few days. Information about this was definitely given earlier, but now that date arrived in no time. If you will not be able to do any transaction with this note after September 30, then obviously it will not be used anywhere. But after that whether this note will remain valid as a legal tender or not, the situation is not clear yet. Therefore, it is better that you deposit it in the bank before that.
The Reserve Bank started withdrawing Rs 2000 notes from 23rd May and you can return it to your nearest bank till 30th September. This is your last chance, last one week is left. You can also deposit these notes in 19 regional offices of Reserve Bank of India till the due date. But keep in mind, in this last week of September, there is Miladunnabi holiday on 27th September. Now only Tuesday, Wednesday, Friday and Saturday are left.
Rs 2000 note was released in November 2016
Two thousand rupee note was issued in November 2016. On November 8, 2016, Prime Minister Narendra Modi suddenly surprised everyone and announced demonetization. Among the new notes issued after this, there was also a note of Rs 2000 which was in discussion for large transactions in cash. But in May this year, the Reserve Bank announced its withdrawal and along with it banks also banned giving Rs 2000 notes to the people.
According to the Reserve Bank, 93 percent of the Rs 2000 notes that were in circulation in the economy till May 19 have been returned till September 1. The total value of Rs 2000 notes in circulation till May 19, 2023 was Rs 3.56 lakh crore, out of which 93 percent have been returned. Till August 31, out of these, Rs 2000 notes worth Rs 3.32 lakh crore have been returned. That means, Rs 2000 notes worth Rs 24 thousand crores are still in circulation and this is the figure of 31st August. It is possible that in the last 20 days that have passed, it may have reduced further. But according to the latest information, seven percent of the notes are still in circulation, 93 percent have returned.
A large section of the country is still using cash
Now the question is that when the Reserve Bank had to take back this note, then why did it release it? In fact, as part of the announcement of demonetization, when the government announced a ban on 500 and 1000 rupee notes on 16 November 2016, there was a sudden decline in the economy. A crisis occurred due to shortage of cash. The fear was already being expressed that if so many notes were removed suddenly, there would be a shortage of notes. Most of the people of the country currently transact in cash. To a great extent, we have become digital. But there is still a very large section which uses cash. Cash circulation in the country is higher than the rates before demonetization. This is also a reality.
In such a situation, a note of Rs 2000 was first issued so that people could have more money in cash, until notes of other denominations were printed in sufficient quantity. The government stopped printing Rs 2000 notes in 2018-19 because by then a sufficient number of notes of other denominations had been put into circulation.
Return of notes worth Rs 2000 under Clean Note Policy
Reserve Bank of India announced to withdraw notes worth Rs 2000 from circulation under the Clean Note Policy. In clean note policy, clean note means clean and crisp note. Actually, under this policy, good quality currency, notes and coins are provided to the public because they get spoiled during use. New notes will be more secure, new security features will come in the notes. Only when the old one is removed will the new one come in and this is done so that fake notes or coins cannot be made easily. Under this policy, old and bad notes are taken out of circulation.
Under this policy, the Reserve Bank has withdrawn all the bank notes issued before 2005. They had less security features. It is said that the security features in the notes printed after 2005 are much better.
There is an effort from RBI and banks to educate the public and communicate that if you have not yet deposited the Rs 2000 note in the bank, then please return it. Then there is a possibility that maybe three to five percent of the notes will remain because if the unaccounted money comes to the bank then perhaps they will have to justify it.