{"id":168600,"date":"2024-10-04T12:03:37","date_gmt":"2024-10-04T06:33:37","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=168600"},"modified":"2024-10-04T12:03:37","modified_gmt":"2024-10-04T06:33:37","slug":"withdrawal-of-%e2%82%b92000-notes-98-returned-rbi-reports","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/withdrawal-of-%e2%82%b92000-notes-98-returned-rbi-reports\/","title":{"rendered":"Withdrawal of \u20b92,000 Notes: 98% Returned, RBI Reports"},"content":{"rendered":"\n<p>In a major update, the Reserve Bank of India (RBI) announced that<strong>&nbsp;98% of the \u20b92,000 notes<\/strong>&nbsp;have been returned since their&nbsp;<strong>withdrawal in May 2023.<\/strong>&nbsp;This has led to the total value of the denomination in circulation dropping significantly&nbsp;<strong>from \u20b93.56 lakh crore to \u20b97,117 crore<\/strong>&nbsp;as of September 2023. The withdrawal was initiated due to concerns about the quality of the notes, introduced after the 2016 demonetization.<\/p>\n\n\n\n<p><strong>Background of \u20b92,000 Notes<\/strong><\/p>\n\n\n\n<p>The \u20b92,000 note was introduced post-demonetization in November 2016 to manage cash shortages. By 2023, the RBI deemed its purpose fulfilled and moved to withdraw it, citing concerns about the denomination\u2019s quality.<\/p>\n\n\n\n<p><strong>Current Status and Legal Tender<\/strong><\/p>\n\n\n\n<p>Although withdrawn from circulation, \u20b92,000 notes remain legal tender. These can be exchanged physically at 19 RBI issue offices or sent via post for credit into bank accounts.<\/p>\n\n\n\n<p><strong>How to Deposit or Exchange \u20b92,000 Notes<\/strong><\/p>\n\n\n\n<p>Despite their withdrawal, \u20b92,000 notes remain legal tender and can be exchanged at any of&nbsp;<strong>RBI\u2019s 19 issue offices across India.<\/strong>&nbsp;Citizens can either visit these offices or send the notes by post for deposit into their bank accounts. While the exchange facility at bank branches ended on 7 October 2023, RBI continues to accept \u20b92,000 notes for deposit at its offices located in cities like&nbsp;<strong>Ahmedabad, Bengaluru, Mumbai,<\/strong>&nbsp;and more. From<strong>&nbsp;9 October 2023,<\/strong>&nbsp;notes can also be sent via Indian Post to RBI offices for direct deposit into bank accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a major update, the Reserve Bank of India (RBI) announced that&nbsp;98% of the \u20b92,000 notes&nbsp;have been returned since their&nbsp;withdrawal in May 2023.&nbsp;This has led to the total value of the denomination in circulation dropping significantly&nbsp;from \u20b93.56 lakh crore to \u20b97,117 crore&nbsp;as of September 2023. The withdrawal was initiated due to concerns about the quality [&hellip;]<\/p>\n","protected":false},"author":419,"featured_media":168601,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5244],"tags":[64],"offerexpiration":[],"class_list":["post-168600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-october-2024","tag-reserve-bank-of-india-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/168600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/419"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=168600"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/168600\/revisions"}],"predecessor-version":[{"id":168602,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/168600\/revisions\/168602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/168601"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=168600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=168600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=168600"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=168600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}