Key Points
- The RBI said goodbye to Rs 2,000 notes in May 2023.
- 98% of those notes have come back to the bank.
- The value of Rs 2,000 notes out there went from Rs 3.56 lakh crore to Rs 7,117 crore.
- This decision was all about quality issues and the notes doing their job since demonetization.
Looma News
Hey everyone, check this out! The Reserve Bank of India just dropped some big news: 98% of the Rs 2,000 notes have been returned to the bank since they announced they were pulling them back in May. Crazy, right?
So, here’s the lowdown: back on May 19, 2023, the RBI decided to retire the Rs 2,000 notes. Why? They were worried about the quality and thought the notes had done their thing since they came out after demonetization in November 2016. Fast forward to now, and the total value of those notes has tanked from a jaw-dropping Rs 3.56 lakh crore to just Rs 7,117 crore!
This quick return of cash shows how on point the RBI’s move was, and it makes you wonder what’s next for currency in India. Are we gonna see new notes or a shift towards more digital payments? Guess we’ll have to wait and see.
