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The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) on Monday said 97.96 % of the <keyword id="6429211" type="General" weightage="20" keywordseo="rs-2" source="Orion">Rs 2</keyword>,000 denomination <keyword id="20481528" type="General" weightage="20" keywordseo="banknotes" source="keywords">banknotes</keyword> have returned to the banking system, and only Rs 7,261 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination banknotes from circulation. The total value of Rs 2,000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 7,261 crore at the close of business on August 30, 2024, the RBI said. "Thus, 97.96 % of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned," it said in a statement. The facility for deposit and/or exchange of the Rs 2,000 banknotes was available at all bank branches in the country till October 7, 2023. The facility for the exchange of the Rs 2,000 banknotes has been available at the 19 issue offices of the <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> since May 19, 2023. From October 9, 2023, RBI issue offices are also accepting Rs 2000 banknotes from individuals and entities for deposit into their bank accounts. Further, members of the public are sending Rs 2,000 banknotes through India Post from any post office within the country to any of the RBI issue offices for credit to their bank accounts. The 19 RBI offices depositing/exchanging the banknotes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. Rs 2000 banknotes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 banknotes. However, even after their discontinuation, Rs 2,000 notes continue to remain legal tender. Per the apex bank's last update, which came out on August 1st, 2024, Rs 2,000 banknotes had declined to Rs 7409 crore at the close of business on July 31, 2024. Thus, by last month, 97.92% of the Rs 2,000 banknotes which were in circulation as on May 19, 2023, had been returned.

Rs 2,000 notes: 97.96% returned; Rs 7,261 crore worth notes still with public

About 2.1 per cent or Rs 7,581 crore of the withdrawn Rs 2,000 <keyword id="20481528" type="General" weightage="20" keywordseo="banknotes" source="keywords">banknotes</keyword> have not yet been returned to the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>, about nine months after the deadline to deposit or exchange them at bank branches was over. This essentially means 97.87 per cent of the total value of the high-value Rs 2,000 banknotes are back in the banking system by the end of June 2024, the Reserve Bank of India said in a statement on Monday. The total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, the date on which RBI decided to withdraw the banknote. The last day for the public to avail of exchange or to deposit high-value Rs 2000 banknotes at the banks was October 7, 2023. However, the window for depositing and/or exchanging the Rs 2,000 banknotes continues to be available at the 19 issue offices of the RBI. Those 19 RBI issue offices are in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. People from within the country can send Rs 2,000 banknotes through India Post from any post office to any of RBI Issue Offices for credit to their bank accounts in India. The Rs 2000 banknotes continue to be legal tender. The Rs 2000 banknote was introduced in November 2016, primarily to meet the currency requirements of the economy expeditiously after the <keyword id="19901049" type="General" weightage="20" keywordseo="withdrawal" source="keywords">withdrawal</keyword> of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank">Vraj Iron and Steel IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

2.1% of ₹2,000 banknotes, with value of ₹7,581 crore, still to be returned

Mumbai, The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) on Friday said nearly 97.62 per cent of the Rs 2,000 bank notes have returned to the banking system, and only about Rs 8,470 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8,470 crore at the close of business on February 29, 2024," the RBI said in a statement. Thus, 97.62 per cent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have since been returned, it added. "The Rs 2,000 banknotes continue to be legal tender," the RBI added. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank notes through <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Post from any post office to any of the <keyword id="20026757" type="General" weightage="20" keywordseo="rbi-issue-offices" source="keywords">RBI Issue Offices</keyword> for credit to their bank accounts in India. Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30, 2023. The deadline was later extended to October 7, 2023. Deposit and exchange services at bank branches were discontinued on October 7, 2023. Starting October 8, 2023, individuals have been provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 offices of the RBI. The 19 RBI offices depositing/exchanging the bank notes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, <keyword id="20790999" type="General" weightage="20" keywordseo="patna-and-thiruvananthapuram" source="keywords">Patna and Thiruvananthapuram</keyword>. The Rs 2,000 bank notes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 bank notes.

As much as ₹8,470 crore worth ₹2,000 notes still with public: RBI

New Delhi, Mar 16 () The government on Monday said no decision has been taken to discontinue printing of Rs 2,000 banknotes, and state-owned SBI and Indian Bank are reconfiguring ATMs for Rs 500 and Rs 200 notes. "No indent was placed with the presses for printing of Rs 2,000 denomination notes for 2019-20. However, there is no decision to discontinue the printing of Rs 2,000 banknotes," Minister of State for Finance Anurag Singh Thakur said in a written reply in Lok Sabha. The minister was replying to a question whether the government has stopped printing of new Rs 2,000 currency notes and if the public sector banks have issued any circular to stop circulation of Rs 2,000 notes through ATMs. "In view of the higher circulation of currency notes of Rs 500 and Rs 200 denominations and inconvenience faced by the customers in exchanging Rs 2,000 currency notes, two of the public sector banks namely State Bank of India and Indian Bank have been issued instructions to the field functionaries to reconfigure the ATMs for currency notes of Rs 500 and Rs 200 denominations," Thakur said. He said printing of banknotes of particular denomination is decided by the government in consultation with the Reserve Bank of India (RBI) to maintain desired denomination mix for facilitating demand of public. Banknotes of Rs 2,000 denomination worth Rs 7.40 lakh crore have been printed and supplied so far, he said. The total face value of banknotes of Rs 2,000 denomination in circulation and in currency chests was Rs 5.49 lakh crore and Rs 0.93 lakh crore, respectively. Detailing about the denomination of lower-value currencies in circulation as on March 5, he stated that there are 19,624.77 million pieces of Rs 100 notes valued at Rs 1.96 lakh crore; 8,556.84 million for Rs 50 notes valued at Rs 42,784.20 crore; Rs 20 and Rs 10 denomination notes were valued at Rs 16,619.60 crore and Rs 30,510.79 crore, respectively. "The quantum of banknotes that needs to be printed broadly depends on the requirement for meeting the demand for banknotes due to inflation, GDP (gross domestic product) growth, replacement of soiled banknotes and reserve stock requirement," Thakur said. As on March 5, 67,002.24 million pieces of banknotes of 10, 20, 20 and 100 rupees denominations and 5,005.98 million pieces of coins of 10 rupee denomination were in circulation, the minister added. "Printing of banknotes of particular denomination is decided by the government in consultation with the RBI to maintain desired denomination mix for facilitating transactional demand for public," he added. KPM HRS

No decision to discontinue printing of Rs 2,000 banknotes: MoS Finance Thakur

<ul><li>RBI announced the withdrawal of ₹2,000 currency notes from circulation on Friday.</li><li>People possessing these notes can deposit them in their bank accounts or exchange them from May 23 to September 30.</li><li>The RBI has also advised banks to stop issuing ₹2,000 denomination banknotes with immediate effect. </li></ul>The Reserve Bank of India (RBI) on Friday announced the withdrawal of ₹2,000 currency notes from circulation, but said that they will continue to be legal tender. People possessing these notes can deposit them in their bank accounts or get them exchanged from May 23 to September 30, the central bank said in a statement. “In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023,” the statement said. The RBI has also advised banks to stop issuing ₹2,000 denomination banknotes with immediate effect. About 89% of the ₹2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of notes in circulation) to ₹3.62 lakh crore constituting only 10.8% of notes in circulation as on March 31, 2023. “It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public. In view of the above, and in pursuance of the ‘Clean Note Policy’ of the RBI, it has been decided to withdraw the ₹2,000 denomination banknotes from circulation,” RBI said. The facility for exchange of ₹2,000 banknotes upto the limit of ₹20,000/- at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023. "As witnessed during demonetisation, we expect the deposit accretion of banks could improve marginally in near term. This will ease the pressure on deposit rates hikes and could also result in moderation in short-term interest rates," said Karthik Srinivasan, senior VP, group head - financial sector ratings, ICRA. It may be noted that RBI had undertaken a similar withdrawal of notes from circulation in 2013-2014. The ₹2,000 notes were introduced in 2017, after the government of India went in for <keyword id="6362150" type="General" weightage="20" keywordseo="demonetization" source="Orion">demonetization</keyword> of ₹500 and ₹1,000 notes in November 2016. Prime Minister Narendra Modi announced this decision in a surprise speech that shocked the nation. He said that the move would curtail the shadow economy and encourage cashless transactions.

RBI to withdraw ₹2,000 currency notes from circulation, will continue to be legal tender

The decision of the Reserve Bank of India (RBI) to withdraw Rs 2,000 denomination banknotes from circulation will not have any major impact on <keyword id="47316" type="General" weightage="20" keywordseo="gold-demand" source="Orion">gold demand</keyword> and also on the <keyword id="109488" type="General" weightage="20" keywordseo="rupee-value" source="Orion">rupee value</keyword>, an expert said on Saturday. According to the expert, the number of Rs 2,000 denomination notes in circulation (or stocked in lockers) is not huge. "The number of Rs 2,000 currency notes in circulation is not large. This is not like <keyword id="3315394" type="General" weightage="20" keywordseo="demonetisation" source="Orion">demonetisation</keyword> of Rs 500 and Rs 1,000 currency notes that happened in 2016," Hareesh V., Head of Commodities Research, Geojit Financial Services told IANS. According to Hareesh, there are other investment avenues and further, there is a limit for using hard cash to purchase gold. "The RBI decision will also not have any bearing on the gold/silver futures," he said. The RBI on Friday said Rs 2,000 denomination notes to the value of Rs 3.62 lakh crore were in circulation on March 31, 2023. Hareesh said even if people decide to convert their Rs 2,000 into US dollars, there will not be any major impact on the value of the Indian rupee. "As witnessed during demonetisation, we expect the deposit accretion of banks could improve marginally in the near term. This will ease the pressure on deposit rate hikes and could also result in moderation in short-term interest rates," Karthik Srinivasan, Senior Vice President Financial Sector Ratings, ICRA said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/check-out-worlds-most-expensive-ice-cream-costs-and-why/slidelist/100375438.cms">Price of ice: World’s most expensive ice cream created by Japanese brand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zomato-net-loss-narrows-to-188-crore-in-q4-revenue-rises-70-yoy/articleshow/100358894.cms">Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY</a>

Rs 2,000 note withdrawal may not impact gold demand, rupee value: Expert

<ul><li>About ₹1.8 lakh crore of ₹2,000 banknotes have come back, said RBI governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Thursday. </li><li>Broadly about 85% of the ₹2,000 banknotes are coming back as bank deposits, he added. </li><li>The average system liquidity is in surplus mode and could increase as ₹2,000 banknotes get deposited in the banks, Das said. </li></ul>Half of India’s ₹2,000 bank notes in circulation are now with banks, said <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) on Thursday. The RBI withdrew <a href="https://www.businessinsider.in/finance/news/rbi-to-withdraw-2000-currency-notes-from-circulation-will-continue-to-be-legal-tender/articleshow/100360976.cms">these banknotes on May 19</a> but unlike the demonetisation of ₹500 and ₹1,000 notes earlier, they continue to remain legal tender, and can be exchanged or deposited at banks till September 30. According to RBI, ₹3.62 lakh crore of ₹2000 banknotes were in circulation as of March 31. “After the announcement, about ₹1.8 lakh crore of ₹2,000 banknotes have come back. This is roughly about 50% of the ₹2,000 banknotes, which were in circulation on 31st March...so 50% of the banknotes have come back,” said Shaktikanta Das, the governor of RBI speaking to reporters <keyword id="6375120" type="General" weightage="50" keywordseo="monetary-policy-committee" source="Orion">Monetary Policy Committee</keyword> decision announcement, where the repo rate has been <a href="https://www.businessinsider.in/finance/news/rbi-mpc-holds-interest-rate-as-expected-but-stance-maintained-at-withdrawal-of-accommodation/articleshow/100839034.cms">kept unchanged at 6.5%</a>. Das also added that they are still working out as to how much of the ₹2,000 notes has come in as deposits and how much of it was exchanged for other bank notes. “That figure needs reconciling but broadly on a provisional basis about 85% are coming back as deposits into bank accounts,” Das said. Boost for banks Das mentioned in his speech that the note withdrawal could aid deposits. “The average system liquidity, however, is still in surplus mode and could increase as ₹2,000 banknotes get deposited in the banks,” he said. A <keyword id="152996" type="General" weightage="50" keywordseo="kotak-institutional-equities" source="Orion">Kotak Institutional Equities</keyword> report meanwhile said that it expects as much as ₹1.5-2 lakh crore to make its <a href="https://www.businessinsider.in/finance/news/bank-deposits-gold-sales-real-estate-to-get-a-boost-with-2000-note-withdrawal-kotak/articleshow/100429411.cms">way into banks as deposit</a>s, both directly and indirectly. Reports have said that most people are attempting to spend the notes as well by <a href="https://www.businessinsider.in/finance/news/bank-deposits-gold-sales-real-estate-to-get-a-boost-with-2000-note-withdrawal-kotak/articleshow/100429411.cms">purchasing gold, consumer goods</a> and more – which too is expected to make its way to the banks. “Durable liquidity could increase by around ₹1 lakh crore depending on the behaviour of depositors. This should ease the credit-deposit ratio across banks,” said a report by Kotak Institutional Equities released in May. About 64% of the LocalCircles survey respondents said that they do not hold notes in the said denomination. While 6% indicated that they have ₹1 lakh or more in ₹2,000 rupee notes. Moreover, 15% said that they have up to ₹20,000 rupees – which can be exchanged at banks with no hassle.

Half of India’s ₹2,000 notes are back with banks within a month of withdrawal announcement

<ul><li>There is no reason to rush to banks, there is time for four months, Das said on Monday. </li><li>Will be sensitive to the difficulties faced by people and it’s our endeavour to address the difficulties of people, Das said.</li><li>A PIL has been filed in the Delhi HC against RBI and SBI notifications that permit the exchange of ₹2,000 banknotes without obtaining ID proof.</li></ul> The Reserve Bank of India (RBI) governor Shaktikanta Das on Monday allayed fears regarding the central bank’s decision to pull ₹2,000 banknotes out of circulation. Calling its decision, announced on late Friday, a currency management operation of the RBI,<a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-governor-shaktikanta-das-answers-questions-on-rs-2000-note-withdrawal/articleshow/100411073.cms"> Das said he does not see people</a> rushing to banks to exchange or deposit these notes. “There is no reason to rush to banks. There is time for four months," Das said, speaking in New Delhi. On Friday, RBI said in a statement that ₹2,000 banknotes will continue to be legal tender. People possessing these notes can deposit them in their bank accounts or get them exchanged from May 23 to September 30, the central bank had said. In its statement, the RBI also advised banks to stop issuing ₹2,000-denomination banknotes with immediate effect. About 89% of the ₹2,000-denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. Das also said that the RBI had stopped printing these denominations. Regarding a possible extension to the September 30 deadline, he said that the central bank will take a call after assessing how much of these banknotes come back to the banks. "We assure people who are abroad and within India, we will be sensitive to the difficulties you may face. It will be our endeavour to address the difficulties of people," Das said. The total value of these bank<keyword id="4276824" type="General" weightage="20" keywordseo="notes-in-circulation" source="Orion">notes in circulation</keyword> has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of notes in circulation) to ₹3.62 lakh crore, constituting only 10.8% of notes in circulation as on March 31, 2023. “It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public. In view of the above, and in pursuance of the ‘Clean Note Policy’ of the RBI, it has been decided to withdraw the ₹2,000 denomination banknotes from circulation,” RBI said in its statement. In the meanwhile, a public interest litigation has been filed in the Delhi High Court against RBI and State Bank of India notifications that permit the exchange of ₹2,000 banknotes without obtaining identity proof.

No need to rush to banks as there’s 4 months time says RBI governor on pulling ₹2,000 notes off circulation

<ul><li><keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s <keyword id="6358156" type="ORGANIZATION" weightage="20" keywordseo="central-bank">central bank</keyword>, the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>), released its <keyword id="3608734" type="UNKNOWN" weightage="20" keywordseo="Annual-report">annual report</keyword> for 2017-18 on Thursday. </li><li>Both negative and positive, the report says that <keyword id="6356076" type="DEFINITION" weightage="20" keywordseo="indian-economy">Indian economy</keyword> will have to precariously balance itself to brace for the coming year. </li><li>The report also highlights how, despite the Indian government's objectives, the goals laid by the Prime Minister are far from their intended targets.</li></ul>India’s central banking institution, the Reserve Bank of India (RBI), just released its <a href="https://rbidocs.rbi.org.in/rdocs/AnnualReport/PDFs/0ANREPORT201718077745EC9A874DB38C991F580ED14242.PDF">annual report</a> for the year 2017-2018, bringing some key issues of the Indian economy into the limelight. On the one hand, the report states that the Indian economy is set to unlock its growth potential through the intensification of structural reforms but on the other, the threat of inflation and non-performing assets (NPAs) still looms overhead. And, though the RBI predicts strong growth for India’s secondary and primary sectors, it also speculates that the country will face challenges in the banking industry and from volatility in international markets. The good with the bad, these are some of the key observations put forward by the RBI in their report. The curious case of India’s current account deficit Domestic consumption hasn’t lost its step with India maintaining its stature as the preferred destination for foreign direct investments (FDIs). As per the report, it’s the manufacturing sector supported by its counterparts that have made this possible. Domestic consumption, in turn, is a result of an increase in capital expenditure as well the push towards exports. Foreign capital is largely flowing into communication and computer services, retail and wholesale trade, as well as financial services. Mauritius and Singapore take the lead in FDIs with combined equity investments of around 61%. Turmoil in international waters The sanctions placed by the United States on Iran won’t only impact India’s imports but the overall international supply of oil. That in turn, won’t play out well for India’s trade deficit primarily because of India’s increasing energy demands. A potential increase in India’s current account deficit opens the doors for inflation risks to throw shade on the Indian economy. The RBI has stressed on the importance of heading off these pressures before they generalise into adverse trends. The counting of demonetised notes is complete Last year’s report told us that 99% of the banned currency notes had found their way back to the banks, and this year that’s up by 0.3%, which isn’t really all that significant. While the RBI’s efforts to process and verify specified bank notes should be commended, one has to ask whether the effort was all for nought. Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s initiative to catch black money only seems to have led to an extreme cash shortage that steamrolled into sluggish economic growth, a loss for businesses and over a million people losing their jobs. The informal economy, in particular, is still suffering from its after-effects. To fake or not to fake The new currency notes despite the numerous so-called ‘úpgrades’ are still vulnerable to being counterfeit, just like the old currency notes. And, it’s not just the bigger denominations of ₹500 and ₹2,000, but also the ₹50 note. The only difference is that the overall number of <keyword id="6364565" type="UNKNOWN" weightage="20" keywordseo="fake-notes">fake notes</keyword> that are in circulation has taken a dip. Return of the cash economy While demonetisation and the resulting short supply of cash did lead to an increase in digital cash payments, the return of liquidity in the economy shows people coming back to the comfort of cash. In fact, if RBI’s estimates are to be taken at face value, the liquid currency kept at home has increased to 2.8% of the total gross national disposable income (GNDI), which is the highest it’s been in seven years. Even savings are at a seven-year high of 11.1%. That being said, it’s not that the Indian population has reverted from digital payments altogether. Non-cash transactions are still increasing, just a rate slower than last year’s and that is indicative of the fact that despite all the new online payment platforms, cash is still the preferred method of exchange. Banking drama With the number of bank frauds that have come into the limelight this past year, it’s hardly surprising that the RBI speculates that bad loans is going to increase even further in the coming year. According to the report, the ‘prevailing economic situation’ is a combination of mark-to-market treasury losses and the increase of provisioning against non-performing assets (NPAs). Which basically means that the banks didn’t make much of a profit on their investments in the stock market and have had to set aside an increasing amount of money to hedge against bad loans. That being said, the overall flow of financial resources from the banking sector to the commercial sector has shown an increase, with the former accounting for 43% of all fund flows to the latter. That means that there's scope for credit absorption. But that will only be efficiently done if the problem of NPAs is appropriately addressed and banks are sufficiently re-capitalised after facing large losses.

RBI’s annual report paints a cloudy picture of what’s next for the Indian economy

Hundreds of people queued up outside ATMs and banks to exchange and withdraw banknotes. 
 
People thronged post offices, banks in huge numbers and even lost their cool after banks, reportedly, complained of less cash. 
 In this backdrop, the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) issued a statement, asking people to remain calm. 
 
“There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. It may take a while for the banks to recalibrate their ATMs; once the ATMs are functional, members of public will be able to withdraw from ATMs upto a maximum of ₹ 2,000 per card per day up to November 18; and after that withdraw up to ₹4000 per day per card,” RBI stated. 
 
The facility for exchanging the withdrawn denominations of ₹ 500 and ₹ 1000 is available for nearly 50 days. 
 
“The Reserve Bank appeals to members of public to be patient and urges them to exchange their old notes at their convenience, any time before December 30, 2016,” the statement read. 
 
(Image: Reuters)

RBI urges people not to panic as crowds lose cool waiting outside banks, ATMs for new banknotes

<ul><li>A top public sector bank has told its employees to no longer stock ₹2,000 notes in ATMs today onwards.</li><li>But customers need not panic as these banks are however told to accept ₹2,000 notes from individuals coming in to make a deposit. </li><li>According to an email accessed by Business Insider India, it also instructs senior management to no longer issue the denomination for withdrawals via cheque either. </li></ul>A top public sector bank’s employees were told by the senior management not to dole out ₹2,000 notes during bank withdrawals. They were also instructed to not stock the denomination at ATMs as well. As per an email viewed by Business Insider India, at least one public sector bank has issued instructions to senior management to keep ₹2,000 notes out of circulation. But customers need not panic as the bank employees were told to accept ₹2,000 notes from individuals making a deposit. The email states, “This will be formally communicated soon.” Sources at the bank — whose identity we confirmed, requested anonymity because they were not authorized to speak publicly — said that after the directive was issued, senior officials called branch managers to confirm that it was being executed in the morning. They were told to ensure that only denominations of ₹500, ₹200 and ₹100 are loaded into ATMs. “The supply of ₹100 notes will be increased through currency chests for which a special drive is being undertaken,” said the email. However, it was also communicated that the written instruction was a mistake and was not supposed to be communicated as such — although the instruction to “restrict” the circulation of ₹2,000 banknotes nationwide, still stands. No explanation was given to explain the exercise was being undertaken. Business Insider has written to the RBI awaiting a response from the central bank. <div type="Article" hostid="261" msid="74061047" title="Exclusive: Bankers reveal why RBI is quietly rolling back the ₹2000 notes" mstype="2" mssubtype="0"></div>

 <keyword id="6355548" type="UNKNOWN" weightage="20" keywordseo="Public-sector-banks">Public sector banks</keyword> across the board hold back ₹2,000 notes We at Business Insider tried to withdraw money from multiple public sector banks across the nation. We presented a cheque to the State Bank of India in New Delhi, the cashier told us that he was unable to issue ₹10,000 in ₹2,000 denominations because they only had one note left. Officials tell us that’s an improbable situation for a city branch, which deals in high traffic on a daily basis, to lack stock of any denomination. A Bank of Baroda ATM and a Canara Bank ATM in Mumbai only dispensed ₹500 notes while trying to withdraw ₹4,000 and ₹6,000 respectively. However, an Andhra Bank ATM did dispense ₹2,000 notes. A flood of fake notes The move comes less than a month after the National Criminal Records Bureau (<a href="https://www.indiatoday.in/india/story/so-easy-to-copy-rs-2-000-notes-make-56-of-all-seized-fake-currency-shows-ncrb-data-1636965-2020-01-15">NCRB</a>) data revealed that there was a flood of fake notes in the market after demonetisation. According to their data, 56% of all ₹2,000 notes seized from were fake. Two days ago, 13 individuals were <a href="https://www.newindianexpress.com/cities/hyderabad/2020/feb/05/fake-currency-racket-busted-13-arrested-in-hyderabad-2099244.html">arrested in Hyderabad</a> in a fake currency racket where denominations of ₹500 and ₹2,000 were being printed on scanner-cum-colour printing machines. A task force seized currency notes with the face value of ₹17.7 lakh. The RBI isn’t printing anymore ₹2,000 notes In reply to a Right to Information (<a href="https://www.businesstoday.in/current/economy-politics/rbi-stopped-printing-rs-2000-currency-notes-reveals-rti/story/384992.html">RTI</a>) query, the RBI said that the printing of ₹2,000 currency notes has been stopped altogether in October 2019. At the time, RBI did not issue a clarification for the measure but analysts said supply of high-denomination notes was being limited to keep people from hoarding them. They also pointed out that the optimal level of ₹2,000 notes has been reached — 31.2% in terms of value and 3% in terms of volume. In 2016-17, the RBI claimed that it printed 3,544.991 million notes. Next year, it printed 111.507 notes, which reduced further to 46.690 million notes in 2018-19. According to RBI data, there were 3,363 million notes in circulation at the end of March 2018. See also: <a href="https://www.businessinsider.in/policy/economy/news/highlights-of-rbi-governor-shaktikanta-das-speech/articleshow/73977878.cms">'Don't discount the RBI' ⁠— that and other top highlights of RBI governor Shaktikanta Das speech</a> <a href="https://www.businessinsider.in/business/news/hike-in-deposit-insurance-wont-hit-bank-balance-sheets-rbi/articleshow/73980226.cms">Hike in deposit insurance won't hit bank balance sheets: RBI </a><a href="https://www.businessinsider.in/finance/news/bankers-reveal-why-rbi-is-quietly-rolling-back-the-2000-notes/articleshow/74061047.cms?src=hp_ts">Exclusive: Bankers reveal why RBI is quietly rolling back the ₹2000 notes</a>

A top public sector bank told employees to restrict the circulation of ₹2,000 notes

<ul class="summary-list"><li>In the past few years, Germany has become a hotbed for ATM bombings, the Financial Times wrote.</li><li>That's because Germans still favor cash over electronic payments, making ATMs ripe targets.</li></ul>The German preference for physical currency may be costing the country dearly, as Europe's largest economy has seen an explosion in crime that features ATM bombings, <a href="https://www.ft.com/content/5a03b08d-dc7e-4115-b6aa-139e1ec39b99" target="_blank" rel="noopener">the Financial Times</a> reported. While Germans have long favored buying things with cash instead of cards or other form of electronic payments, organized criminals have exploited this habit in the last few years.Last year, 496 ATMs were blown up as part of cash-grab heists, a 27% increase from 2021, the Federal Criminal Police Office told the FT. On average, such raids could yield 100,000 euros, equivalent to $110,686.5.That translated to 30 million euros that were stolen via ATM bombings last year, up 53% from a year earlier.More than half of Germans prefer physical banknotes over cards or digital tender, meaning that the country has over 55,000 ATMs filled with high-denomination euros. For the culprits, it's a unique target, as other European states undergo a decline of cash machines.Though no one has been seriously injured or killed during these bombings, they are not risk-free ventures, FT wrote. Often, the culprits themselves get hurt in the explosion, while the car ride away is characterized by high speeds and the risk of fiery collisions. It's a danger made worse by fuel canisters the robbers carry for refueling, which also discourages officers from shooting at the vehicle.The German response has been largely fragmented. Efforts to implement effective ATM and law enforcement standards are diluted by the fact that Germany has over 1,500 lenders, while each province leads its own policing task force.And while countries such as the Netherlands have implemented protection systems that glue cash together in the case of a raid, this hasn't been carried out in Germany over health and safety considerations.Meanwhile, attempts to fortify ATMs against earlier types of detonations were thwarted when the criminals switched to different explosives, according to the FT.Still, some success has occurred, with police groups in one province learning to analyze potential escape routes as a way to prepare. And prosecutors of those captured are also starting to add attempted murder charges as the explosions put nearby residents in danger.

German ATMs keep getting bombed as a crime wave exploits the country's preference for cash

<ul><li>A top public sector bank was asked to return all ₹2,000 notes in its possession to currency chests on Friday.</li><li>Third-party ATM service providers have been instructed to replace ₹2000 note cassettes in ATMs with cassettes for the new ₹100 note at multiple banks, including those in the private sector.</li><li>Sources told Business Insider that the move is unlikely to have anything to do with fake notes because branches have their own machines to authenticate currency.</li></ul>At least one top public sector bank has recalled all its ₹2,000 notes on an "emergency" basis from multiple branches on Friday, according to sources. Even branches who were holding on to only four such notes were told to return them to currency chests — where banknotes are stored on behalf of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI). The directive came after employees at the bank were issued instructions from the central office to <a href="https://www.businessinsider.in/finance/news/exclusive-a-top-public-sector-bank-told-employees-to-restrict-the-circulation-of-2000-notes/articleshow/74004756.cms?src=hp_trend">no longer re-load ₹2,000 notes into ATMs</a> or dispense them to people making withdrawals. Customers, however, need not panic as the banks are still accepting ₹2,000 notes from individuals making a deposit. And, they are still legal tender. 
 
 <div type="Article" hostid="261" msid="74004756" title="A top public sector bank told employees to restrict the circulation of ₹2,000 notes" mstype="2" mssubtype="0"></div>





 New ₹100 notes for ₹2000 Sources at the bank — whose identity we confirmed, requested anonymity because they were not authorised to speak publicly — told Business Insider India that third-party ATM service providers were given instructions to replace the ₹2000 note cassette in ATMs with cassette for new ₹100 notes for multiple banks, including those in the private sector. 
 
 
 
 <div type="image" title="ATM_edited" msid="74061192" hostid="261" caption="&amp;lt;p&amp;gt;Queue outside an SBI ATM to withdraw cash&amp;lt;/p&amp;gt;"></div>









 These instructions carried out at by bank branches. But, our sources confirmed that such instructions — to change how an ATM will dispense cash — cannot be issued at a branch level and had to have come from higher up. The RBI is yet to respond to Business Insider's queries on the same. From tackling the issue of <keyword id="6359321" type="UNKNOWN" weightage="20" keywordseo="fake-currency">fake currency</keyword> to banning the ₹2,000 altogether, there are many reasons behind why the government might be clamping down India's highest denomination. It's not about fake currency When the ₹2,000 note was first introduced into the economy after the massive demonetisation exercise in 2016, the RBI assured citizens that the note was as secure as it can be. 
 
 
 
 <div type="image" title="atm4_edited" msid="74061206" hostid="261" caption="&amp;lt;p&amp;gt;People standing in queues inside banks to withdraw cash after demonetisation was announced&amp;lt;/p&amp;gt;"></div>









 However, the incidence of fake ₹2000 notes being seized has been on a rise. In 2017, 53.5% of the value of fake currency seized by law enforcement agencies was made up of ₹2000 notes, according to data collected by the National Crime Records Bureau (NCRB). By 2018, it further escalated to comprise of 61.1% value share in seized fake currency. 
 
 
 
 
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 As recently as Sunday, a passenger travelling in from Dubai was arrested in Mumbai at the international airport for being in possession of ‘high quality' fake currency notes worth nearly ₹24 lakh. Nearly 99% of the notes of the value — ₹23.86 lakh — was made up of 1,193 ₹2000 denomination notes. 
	
 
 
 
 <div type="image" title="atm3_edited" msid="74061232" hostid="261" caption="&amp;lt;p&amp;gt;Hoarded cash seized by Investigation Wing in Karnataka&amp;lt;/p&amp;gt;"></div>









 However, sources tell Business Insider that it is unlikely that the RBI would recall ₹2000 notes over a fake currency issue. "They wouldn't have taken such a big step and would have put the responsibility on the branch," they said. Bank branches are equipped with fake currency detection machines to detect fraudulent notes. If the central office or the RBI suspects an outbreak, each branch is asked to cross-check all the currency in their possession and issue a verification certificate — attested by the branch in-charge — that all the currency in their possession is real. Simmer down circulation so that a ₹2000 note ban isn't disruptive At the time of demonetisation, the ₹2000 note was an easy way to infuse a large amount of cash into the system as the government raced to stay ahead of the economy. However, with smaller denominations returning to the system — its role became less significant. 
	
 
 
 
 <div type="image" title="ATM2_edited" msid="74061240" hostid="261" caption="&amp;lt;p&amp;gt;Account holders received new &amp;#8377;2000 notes after demonetisation&amp;lt;/p&amp;gt;"></div>









 In October last year, the RBI said that it had stopped the production of ₹2000 notes in response to a right to information (RTI) enquiry. In November 2019, former finance secretary, <a href="https://www.bloombergquint.com/politics/demonetisation-anniversary-rs-2000-notes-being-hoarded-should-be-demonetised-subhash-chandra-garg">Subhash Chandra Garg</a> said, "A good chunk of ₹2,000 notes are actually not in circulation, having been hoarded. ₹2000 note, therefore, is not presently working as a currency of the transaction. It can be demonetised, without causing any disruption." Higher denominations, like a quick fix, come with their own set of problems. Analysts have repeatedly pointed out that high-value notes are a desirable store of value for criminals. In fact, they work against the very purpose of demonetisation — to wipe out black money, money laundering, tax evasion and terror funding. 
 
 
 
 
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 Despite these issues, in December, the Minister of Finance <a href="https://www.livemint.com/politics/policy/no-proposal-to-stop-circulation-of-rs-2-000-currency-notes-government-11575375669359.html">Anurag Singh Thakur</a> told the Rajya Sabha — higher house of Parliament — that the government had no plans to stop the circulation of the ₹2000 note. This was after many rumours were rife about a possible ban on it. Sources told Business Insider that restricting the supply for ₹2,000 notes could be RBI's way of restricting the note's circulation, so that if the note is eventually demonetised — it will not cause a big disruption. More so, it could be a precursor of sorts. See also: <a href="https://www.businessinsider.in/finance/news/exclusive-a-top-public-sector-bank-told-employees-to-restrict-the-circulation-of-2000-notes/articleshow/74004756.cms">A top public sector bank told employees to restrict the circulation of ₹2,000 notes</a> <a href="https://www.businessinsider.in/highlights-of-rbi-governor-shaktikanta-das-speech/articleshow/73977878.cms">'Don't discount the RBI' ⁠— that and other top highlights of RBI governor Shaktikanta Das speech</a>

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