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On May 19, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation

₹2,000 notes: 2.74% of notes still with public says RBI 

<h2>On May 19, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation</h2>

The Reserve Bank of India (RBI) reported that approximately 97.26% of the Rs 2,000 banknotes have been returned to the banking system, leaving only around Rs 9,760 crore still in circulation among the public.
Since the announcement of withdrawal on May 19, the total value of Rs 2,000 banknotes in circulation decreased from Rs 3.56 lakh crore to Rs 9,760 crore as of November 30, 2023.
Despite this reduction, the RBI confirmed that Rs 2,000 notes remain legal tender and can be deposited or exchanged at any of the 19 RBI offices across India. India Post also facilitates the sending of Rs 2,000 notes to RBI Issue Offices for credit to bank accounts.
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Initially, the deadline for depositing or exchanging these notes was September 30, later extended to October 7. As of October 8, individuals have the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 RBI offices.
There have been observed queues at RBI offices during working hours for the exchange or deposit of Rs 2,000 notes. These offices are located in major cities across India.
The Rs 2,000 banknotes were introduced in November 2016 following the demonetisation of the Rs 1,000 and Rs 500 notes that were then in circulation.

Last date to exchange or deposit 2000 notes: What will happen if one can't deposit or exchange 2000 banknotes by October 7? Know what the RBI governor said!

Will you be able to exchange or deposit 2000 notes after last date Oct 7? RBI governor Shaktikanta Das explains

The Reserve Bank on 30th Sep extended the deadline to exchange or withdraw Rs 2,000 bank notes until October 7. 

₹2,000 notes: Will you be able to exchange or deposit notes after Oct 7? RBI governor explains

<h2>The Reserve Bank on 30th Sep extended the deadline to exchange or withdraw Rs 2,000 bank notes until October 7.&nbsp;</h2>

The extended deadline to exchange or deposit ₹2000 notes is just a day away. But if you're worried about missing the deadline of 7th October, then there's some good news for you.&nbsp;&nbsp;
<h3>RBI governor on 2000 notes exchange or deposit after October 7</h3>
RBI governor has clarified that even after the deadline, ₹2000 notes can be exchanged or deposited in the Reserve Bank issue offices. There are 19 such RBI issue offices in various state capitals. Not just that, if you don't live in one of these 19 cities you can also use the postal department to send the notes to the RBI.
During the post credit policy press conference, the governor also pointed out that so far about 3.43 lakh crore worth of ₹2000 notes have been returned and about 12,000 crore is remaining. Of what has been returned, about 87% has come back as bank deposits.
The RBI had extended the special drive to withdraw Rs 2,000 bank notes from the system by an extra week from September 30th till October 7th. RBI had announced withdrawal of ₹2000 rupee notes on the 19th of May.&nbsp;
<h3>RBI Credit Policy October 2023&nbsp;</h3>
For the fourth time in a row, the RBI Monetary Policy Committee has kept the repo rate unchanged at 6.5%. During the credit policy announcement, RBI governor Shaktikanta Das cautioned on the need to remain vigilant towards inflation.
RBI's GDP growth forecast and inflation forecast for FY24 has been retained at 6.5% and 5.4% respectively.
<a href="https://www.editorji.com/business-news/economy/rbi-monetary-policy-2023-repo-rate-left-unchanged-at-6-5-1696568703763" target="_blank">Also watch: RBI Credit Policy decision </a>

The Rs. 2,000 Note exchange deadline ends on September 30, 2023. Will the deadline be extended? Know all the details here.

Last 2 days left to exchange ₹2,000 notes; Will deadline be extended? What will happens next?

Last 2 days left to exchange ₹2,000 notes; Will deadline be extended?

<h2>On May 19, the central bank had announced the withdrawal of Rs 2,000 currency bills from circulation</h2>

The deadline for depositing or exchanging Rs 2,000 currency notes is just two days away.
<h3>Will the deadline be extended?</h3>
As of now, the deadline to exchange or deposit the 2000 rupee notes is 30th September. However, some experts and bankers are of the opinion that the deadline could be extended to try and ensure the withdrawal of the currency notes as close to 100% as possible.
<h3>Rs 2,000 Notes to exchange or deposit after September 30: What will happen Next?</h3>
A report by Moneycontrol says that RBI may extend the deadline till the end of October for the return of the 2000 rupee notes. The report quotes a senior official familiar with the development, "It looks like the RBI will extend the date for deposit and exchange of Rs 2,000 notes by at least for a month because it has to factor in the non-resident Indians as well as others living overseas."
As of now, approximately ₹24,000 crore worth of the notes are still in circulation. As of September 1, the central bank reported that Rs 2,000 banknotes worth Rs 3.32 lakh crore, which is 93% of the currency notes in circulation, had returned to the banking system.
On August 31, the remaining Rs 2,000 notes in circulation amounted to Rs 0.24 lakh crore. By July 31, <a href="https://www.editorji.com/business-news/2000-note-exchange-88-of-2-000-notes-returned-to-banks-1690897977225" target="_blank">88% of 2000 notes, worth Rs 3.14 lakh crore</a>, had been returned.
On May 19, the Reserve Bank of India (RBI) had issued an order to withdraw the denomination and set September 30 as the last date for individuals to deposit or exchange their Rs 2,000 notes. It's important to note that Rs 2,000 banknotes will continue to be legal tender even after September 30, 2023.

Reserve Bank of India governor Shatikanta Das is expected to meet senior officials of private sector banks next week on governance issues where the progress of ₹2,000 note exchanges

₹2000 note exchange: banks to notify big ₹2,000 deposits to IT department 

Reserve Bank of India governor Shatikanta Das is expected to meet senior officials of private sector banks next week on governance issues where the progress of ₹2,000 note exchanges

Though RBI has not set any limit to how many Rs 2000 currency notes can be deposited, but banks will be required to notify the income tax department about large cash deposits of ₹2,000 currency notes.
According to a report by Livemint, this would bring large cash deposits made during the ongoing phasing out of ₹2,000 notes on the radar of tax officials, who routinely comb through the data to detect tax evasion.
The reporting thresholds stand at ₹10 lakh for term and savings deposits and ₹50 lakh for current account deposits.
Mint report further adds that this reporting system has been in existence for a long time and is not a new provision in the wake of RBI&rsquo;s decision to recall ₹ ₹2,000 notes.&nbsp;
Reserve Bank of India governor Shatikanta Das is expected to meet senior officials of private sector banks next week on governance issues where the progress of ₹2,000 note exchanges and deposits would also be discussed, and problems faced in the process would be addressed, a banker said on the condition of anonymity.
The Reserve Bank of India (RBI) announced withdrawal of Rs 2,000 currency notes from circulation on May 19, and said that those holding the existing notes in circulation can deposit in bank accounts or exchange from Tuesday (May 23) till September 30.

Replying to questions at an event organised by industry body CII, Governor Das said the entire process of withdrawal of the high-denomination currency will be non-disruptive

From ₹2000 notes withdrawal to interest rate hike, here's what RBI Guv Das has to say 

Replying to questions at an event organised by industry body CII, Governor Das said the entire process of withdrawal of the high-denomination currency will be non-disruptive

Reserve Bank Governor Shaktikanta Das on Wednesday stressed that the entire process of withdrawal of Rs 2000 notes will be non-disruptive, and the Central Bank is&nbsp; monitoring the situation regularly. There was no rush yesterday and there has been no problem or issue that has come up, he added.&nbsp;
The governor also said that in its surveys, RBI found the the ₹2000 notes were not being used much. He reiterated that the ₹2000 notes were introduced into the system with a specific purpose to replenish the notes that were demonetised. This purpose, he said, was fulfilled.&nbsp; On the deadline of 30th September, the governor explained, that unless there is a timeline, such a process will not be effective.&nbsp;
Speaking at an event organised by the industry chamber CII, Das also spoke about the credit policy. He said that the decision to tweak policy rates was not in his hand as he himself is driven by the situation on the ground.
"It's not in my hands. It all depends on the situation on the ground. I am driven by what's happening on the ground. What is the outlook on ground? What are the trends? How is the inflation buildup or the inflation softening?"&nbsp;
In April, the Reserve Bank in a surprise move hit the pause button and decided to keep the key benchmark policy rate at 6.5 per cent.
Prior to it, the Reserve Bank of India (RBI) was on a rate hiking spree, raising the repo rate by 250 basis points since May 2022.
&nbsp;

Beginning 23rd of May until the 30th of September, the exchange of ₹2000 notes will be allowed at all bank branches. You can exchange up to a maximum of ₹20,000 in ₹2000 notes without any ID proof or requisition form 

Exchange your ₹2000 notes from 23rd May - Here's all you need to know

Beginning 23rd of May until the 30th of September, the exchange of ₹2000 notes will be allowed at all bank branches. You can exchange up to a maximum of ₹20,000 in ₹2000 notes without any ID proof or requisition form&nbsp;

The Reserve Bank of India has withdrawn ₹2000 notes from circulation. Why was this done? And what does this mean for the ₹2000 notes that you have? RBI has issued a list of frequently asked questions that outlines all that you need to know.&nbsp;
Why are ₹2000 notes being withdrawn?&nbsp; The ₹2000 notes were introduced in November 2016 with the objective to meet the currency requirement of the economy after ₹500 and ₹1000 notes were withdrawn as legal tender.&nbsp;
Once notes of other denominations became available in adequate quantities, the printing of ₹2000 notes was stopped in 2018-19. Most of the ₹2000 notes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years.
RBI also says that this denomination is not being commonly used for transactions and that currently, there is adequate availablity of other currency notes.
What is RBI's Clean Note Policy?&nbsp; The withdrawal of ₹2000 notes from circulation has been done in view of RBI's clean note policy. This policy ensures availability of good quality banknotes to the public.
What should you do with the ₹2000 notes you hold?&nbsp; First, its important to know that the ₹2000 notes will continue to be legal tender. Here's what you need to know about exchanging or depositing you ₹2000 notes.
<ol>
<li>RBI says that while ₹2000 notes can continue to be used for transactions, people are encouraged to deposit/exchange these notes before 30th September 2023. </li>
<li>The notes can be deposited and/or exchanged at any bank branch as well as the 19 Regional Offices (ROs) of RBI having Issue Departments1. This facility is being made available from 23rd of May until September 30th, 2023. No fee will be charged for availing this facility. </li>
<li>Limit for exchange: ₹2000 notes worth ₹20.,000 can be exchanged at one time. </li>
<li>There is no restriction on deposits, but it is subject to compliance with KYC and other statutory requirements. </li>
<li>A non-account holder also can exchange ₹2000 banknotes up to a limit of ₹20,000 at a time at any bank branch.</li>
</ol>

A PIL against RBI and SBI was submitted in Delhi High Court in the matter of the exchange of ₹2,000 banknotes without a requisition slip or ID proof permitted by SBI

₹2000 notes: Delhi HC reserves decision On PIL against RBI, SBI notifications on exchange without ID

A PIL against RBI and SBI was submitted in Delhi High Court in the matter of the exchange of ₹2,000 banknotes without a requisition slip or ID proof permitted by SBI

Delhi High Court has reserved the order on the PIL challenging Reserve Bank of India (RBI) and State Bank of India (SBI) notifications, which permits the exchange of ₹2000 currency notes without obtaining any requisition slip and identity proof, as per news agency ANI.&nbsp;
A Public Interest Litigation (PIL) was filed in the Delhi High Court against RBI and SBI for allowing the exchange of ₹2,000 banknotes without a requisition slip or identity evidence.&nbsp;
The plea calls the decision arbitrary and irrational and in violation of Article 14 of the Indian Constitution.
Ashwini Kumar Upadhyay, a BJP leader and lawyer, moved the motion and asked the RBI and SBI for instructions to make sure that ₹2,000 banknotes are only deposited in people's respective bank accounts so that no one could deposit the money in others' bank accounts and so that people with black money and disproportionate assets could be easily identified.
In addition, the petition asks for guidance from the centre on how to deal with black money and excessive asset holders in order to root out corruption and benami transactions and protect individuals' fundamental rights.
On Friday, the RBI announced that ₹2000 notes would be withdrawn from circulation but would continue to be legal tender. A facility for exchange of ₹2000 notes has been made available from 23rd of May to 30th of September.

Chidambaram said the Rs 2,000 note was a "foolish" move in 2016. He said he was glad that the foolish move is being withdrawn at least seven years later

₹2,000 note helped keepers of black money: P Chidambaram

Chidambaram said the Rs 2,000 note was a "foolish" move in 2016. He said he was glad that the foolish move was being withdrawn at least seven years later

Two days after Reserve Bank of India (RBI) made a surprise announcement of withdrawal of Rs 2,000 currency notes, the former finance minister and senior Congress leader P Chidambaram attacks the BJP government, calling the 2016 move of introducing the Rs 2,000 notes as "foolish".&nbsp;
Chidambaram further alleged that the currency denomination only helped keepers of black money to hoard money with ease and now they were being "welcomed on a red carpet" to exchange their notes.
Reserve Bank of India (RBI) on Friday made a surprise announcement of withdrawal of Rs 2,000 currency notes but gave the public time till September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks.
It said it had asked banks to stop issuing Rs 2,000 notes with immediate effect.
In a Twitter post, Chidambaram said, "Banks have clarified that no identity, no forms and no proof will be required to exchange the Rs 2000 notes. The BJP's spin that the Rs 2000 notes are being withdrawn to unearth black money stands demolished." Ordinary people do not have Rs 2,000 notes as they shunned it soon after it was introduced in 2016, he said, adding they were useless for daily retail exchange.
"So, who kept the Rs 2000 notes and used them? You know the answer. The Rs 2,000 note only helped keepers of black money to hoard their money with ease," Chidamabaram said.
"The keepers of Rs 2,000 notes are being welcomed on a red carpet to exchange their notes! So much for the government's declared objective of rooting out black money," the former finance minister said.
Chidambaram said the Rs 2,000 note was a "foolish" move in 2016. He said he was glad that the foolish move is being withdrawn at least seven years later.
The Congress leader on Friday last had hit out at the government after the RBI's announcement, saying the Rs 2,000 note was a "band-aid" to cover up the "foolish decision" of demonetising Rs 500 and Rs 1,000 notes.
The former Union finance minister had said that a few weeks after demonetisation, the government and the RBI were forced to re-introduce the Rs 500 note and he will not be surprised if the Centre re-introduces the Rs 1,000 note as well.&nbsp;

RBI has banks to ensure there are shaded waiting areas and drinking water availablility when people come to exchange their ₹2000 notes from tomorrow. Banks will also have to maintain daily logs of exchanges and deposits. 

₹2000 notes withdrawn: RBI issues guidelines to banks for note exchange service

RBI has banks to ensure there are shaded waiting areas and drinking water availablility when people come to exchange their ₹2000 notes from tomorrow. Banks will also have to maintain daily logs of exchanges and deposits.&nbsp;

One day before the public can start exchanging ₹2000 notes, the Reserve Bank of India has issued guidelines to banks regarding the exchange service.&nbsp;
RBI's circular says:&nbsp;
The facility of exchange of ₹2000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier. Banks are advised to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc. considering the summer season. Banks shall maintain daily data on deposit and exchange of ₹2000 banknotes and submit the same as and when called for. On Friday, the RBI announced that ₹2000 notes would be withdrawn from circulation, but would continue to remain legal tender.&nbsp; Exchange facility of ₹2000 notes will be available from tomorrow, 23rd May until 30th September 2023.&nbsp;

The introduction of the ₹2000 denomination banknote in November 2016 was primarily done to quickly satisfy the economy's need for money following demonetization

The small lived life of ₹2000 banknotes, how did it meet the fate of discontinuation 

The introduction of the ₹2000 denomination banknote in November 2016 was primarily done to quickly satisfy the economy's need for money following demonetization

The ₹2000 banknotes will no longer be in circulation, the Reserve Bank of India (RBI) announced on Friday, May 19. The ₹2000 banknotes, however, would still be accepted as legal money.
The introduction of the ₹2000 denomination banknote in November 2016 was primarily done to quickly satisfy the economy's need for money following the loss of the legal tender status of the ₹500 and ₹1,000 banknotes that were in use at the time.
After sufficient supplies of notes in other denominations became available, the goal of launching ₹2000&nbsp; banknotes was achieved. As a result, the printing of ₹2000&nbsp; banknotes was discontinued in 2018&ndash;19, according to the RBI.
The expected life period of the ₹2000 banknotes is about 4-5 years, and about 89 percent of them were printed before March 2017. &nbsp;From March 31, 2018, when it peaked at ₹6.73 lakh crore (37.3 percent of notes in circulation), to March 31, 2023, when it dropped to ₹3.62 lakh crore (10.8% of notes in circulation), the overall value of these banknotes has decreased.&nbsp;
&nbsp;

RBI has withdrawn ₹2,000 notes in view of the Clean Note Policy. The general public can get their currency exchanged from any bank starting May 23, 2023. The deadline for the exchange is September 30, 2023

Withdrawn ₹2,000 notes: What should you do with my ₹2,000 notes?

RBI has withdrawn ₹2,000 notes in view of the Clean Note Policy. The general public can get their currency exchanged from any bank starting May 23, 2023. The deadline for the exchange is September 30, 2023

The Reserve Bank of India (RBI) issued a press release on May 19, 2023, advising banks to stop issuing banknotes with a value of ₹2,000 notes immediately.
In light of the foregoing and in accordance with the Reserve Bank of India's "Clean Note Policy," it has been decided to stop issuing banknotes with the denomination of ₹2,000 notes.
How can you exchange your ₹2,000 notes?
The public can swap ₹2,000 notes up to a maximum of ₹20,000 rupees at once.
Through business correspondents, an account holder may exchange up to ₹40,000 worth of currency per day.
From May 23, 2023, the general public can to go to the bank branches or RBI ROs to avail the currency exchange.
Any bank branch will allow non-account holders also to swap ₹2,000 banknotes up to a maximum of ₹20,000 at once.
Account deposits are permissible without limitations. The ₹2,000 banknotes can be deposited into bank accounts, and any subsequent withdrawals of cash are free of charge.
All banks will offer the option to deposit money into accounts and exchange the ₹2,000 banknotes till September 30, 2023.
&nbsp;
&nbsp;

New study finds link between home ownership and mental health 

Children growing up&nbsp;in expensive homes have fewer mental health issues than those who grow up in cheaper homes, according to a new study by researchers from&nbsp;University College London (UCL).
It further adds that these children tend to get along well with their peers and have fewer instances of low mood and anxiety.
As part of the Millennium Cohort Study, researchers analysed 8,500 children, born around the year 2000.
Their study raised concerns that the falling rate of home ownership and the increase in renting a home could worse the already existing gap in mental health between children.
&nbsp;

Children growing up&nbsp;in expensive homes have fewer mental health issues than those who grow up in cheaper homes, according to a new study by researchers from&nbsp;University College London (UCL).&nbsp;As part of the Millennium Cohort Study, researchers analysed 8,500 children, born around the year 2000.
It further adds that children from expensive homes tend to get along well with their peers and have fewer instances of low mood and anxiety.
Their study raised concerns that the falling rate of home ownership and the increase in renting a home could worsen the already existing gap in mental health between children.
&nbsp;

Children growing up&nbsp;in expensive homes have fewer mental health issues than those who grow up in cheaper homes, according to a new study by researchers from&nbsp;University College London (UCL).&nbsp;As part of the Millennium Cohort Study in Britain, researchers analysed 8,500 children, born around the year 2000.
It further adds that children from expensive homes tend to get along well with their peers and have fewer instances of low mood and anxiety.
Their study raised concerns that the falling rate of home ownership and the increase in renting a home could worsen the already existing gap in mental health between children.
&nbsp;

1 killed, 2000 evacuated as typhoon Maysak battered S.Korea

At least one person was killed and more than 2,000 people evacuated to temporary shelters in South Korea as a powerful typhoon Maysak battered the country, authorities confirmed on Thursday. A woman was killed after a strong gust shattered her apartment window in Busan.
Typhoon Maysak made landfall early Thursday causing widespread destruction- knocking down traffic lights and trees and flooding streets. Around 120,000 homes were left without power across southern parts of the country and on Jeju Island.

Typhoon Maysak battered South Korea
The powerful typhoon caused widespread destruction
2000 people evacuated to temporary shelters
1 person has been killed
Thousands of home left without power
&nbsp;

At least one person was killed and more than 2,000 people evacuated to temporary shelters in South Korea as a powerful typhoon Maysak battered the country, authorities confirmed on Thursday. A woman was killed after a strong gust shattered her apartment window in Busan.
Typhoon Maysak made landfall early Thursday causing widespread destruction- knocking down traffic lights and trees and flooding streets. Around 120,000 homes were left without power across southern parts of the country and on Jeju Island.

2000

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