Notes worth Rs 273.64 crore deposited in banks

VAIBHAV PARWAT

Chhatrapati Sambhajinagar: The Reserve Bank of India (RBI) has set a deadline of October 7, to exchange Rs 2000 notes. As of Wednesday, Rs 273.64 crore worth of Rs 2000 notes have been deposited in banks in Chhatrapati Sambhajinagar.

The RBI announced its decision to demonetize the Rs 2000 note on May 19. After demonetization, the Rs 2000 note was introduced in November 2016. However, the central bank has now decided to phase out the note again, citing concerns about counterfeiting and black money.

Citizens have been given a limit of exchanging ten Rs 2000 notes per day from June 2023. So far, two thousand notes worth 273.64 crores have been deposited in the treasury of SBI and other banks of Chhatrapati Sambhajinagar till September 27.

Citizens advised to deposit notes

There are still some individuals who have not yet deposited the pink notes. Bank officials have appealed that the deadline of October 7 is nearing, so citizens who have not yet deposited their Rs 2000 notes are advised to do so as soon as possible.

-Apurva Kumar, manager, SBI.

Currency of 13.18 lakh notes

A senior bank official in Chhatrapati Sambhajinagar said that a new Rs 1000 note will be introduced as a new currency as an alternative to the Rs 2000 note in a few days. Meanwhile, so far Rs 273.64 crore (13.18 lakh notes) have been deposited in banks from city-districts.

No impact on businesses and individuals

The phasing out of the Rs 2000 note will not have a significant impact on businesses and individuals in city. Many businesses, particularly small and medium-sized enterprises, rely on UPI transactions on a daily basis. Many businesses at present are seeing reduced flow of cash and an increase in online transactions.

97 percent constituted cash

Kumar disclosed that out of the total Rs 2,000 denomination banknotes received back from circulation, a significant 97 percent constituted cash in deposits and circulation, while the remaining notes are in the process of being exchanged into other denominations.