85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
The Reserve Bank of India (RBI) on Thursday said 97.92% of the Rs 2,000 denomination banknotes have returned to the banking system. Only Rs 7,409 crore worth of the withdrawn notes are still with the public, it added.
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 was announced, has declined to Rs 7,409 crore at the close of business on July 31, 2024.
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“Thus, 97.92 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned,” RBI said in a statement.
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The facility for deposit and/or exchange of the Rs 2000 banknotes was available at all bank branches in the country till October 7, 2023.
The facility for the exchange of the Rs 2000 banknotes has been available at the 19 issue offices of the Reserve Bank 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.
Members of the public are sending Rs 2000 banknotes through India Post from any post office within the country to any of the RBI issue offices for credit to their bank accounts.
On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation.
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