98% of Rs 2,000 notes returned since May 2023 withdrawal due to quality concerns and completion of intended purpose.

The Reserve Bank of India (RBI) reported that 98% of Rs 2,000 notes have been returned since their withdrawal in May 2023, decreasing their total value from Rs 3.56 lakh crore to Rs 7,117 crore. Despite the withdrawal, these notes remain legal tender and can be exchanged at 19 RBI offices or by post. The decision was made due to quality concerns and the completion of the notes' intended purpose after the 2016 demonetization.

October 01, 2024
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