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Indian Express
3 days ago
- Business
- Indian Express
Rs 6,181 crore worth Rs 2,000 notes yet to return to RBI
Nearly two-years after the Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 banknotes from circulation, Rs 6,181 crore worth of the similar denomination notes are yet to come back to the central bank. 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 6,181 crore as on May 31, 2025, the RBI said in a release. 'Thus, 98.26 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned,' it said. Although withdrawn from circulation, the Rs 2,000 banknote continues to be a legal tender. The RBI said that the facility for exchange of the Rs 2,000 banknotes is 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 2,000 banknotes from individuals or entities for deposit into their bank accounts. Further, 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. The Rs 2,000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs 500 and Rs 1,000 banknotes in circulation at that time. 'The objective of introducing Rs 2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of Rs 2,000 banknotes was stopped in 2018-19,' the RBI earlier said. The RBI's annual report showed that the counterfeit notes detected in Rs 2,000 denomination declined substantially during 2024-25 in the banking system. The number of counterfeit Rs 2,000 banknotes detected in the system dropped by 86.52 per cent to 3,508 notes in 2024-25, compared to 26,035 pieces in 2023-24.
India Gazette
17-05-2025
- Business
- India Gazette
RBI to issue Rs 20 notes with new Governor Sanjay Malhotra's signature
Mumbai (Maharashtra) [India], May 17 (ANI): The Reserve Bank of India announced that it will soon issue Rs 20 denomination banknotes in the Mahatma Gandhi (New) Series bearing the signature of the new RBI Governor Sanjay Malhotra, according to an official statement. The new notes will retain the existing design and features of the current Rs 20 notes in circulation, except for the new governor's signature. The RBI also clarified that all previously issued Rs 20 banknotes will continue to be legal tender, as per the statement. Sanjay Malhotra was appointed as the RBI Governor, effective from December 11, 2024, and will continue for three years. Legal Tender is a coin or a banknote that is legally tenderable for discharge of debt or obligation. According to the central bank, every banknote issued by Reserve Bank of India, unless withdrawn from circulation, are legal tender at any place in India in payment or on account for the amount expressed therein, and shall be guaranteed by the Central Government, subject to provisions of sub-section (2) Section 26 of RBI Act, 1934. Rs 1 notes issued by Government of India are also Legal Tender. Bank notes are printed at four currency presses, two of which are owned by the Government of India through its Corporation, Security Printing and Minting Corporation of India Ltd (SPMCIL) and two are owned by the Reserve Bank, through its wholly owned subsidiary, Bharatiya Reserve Bank Note Mudran Private Ltd. (BRBNMPL). The currency presses of SPMCIL are at Nasik (Western India) and Dewas (Central India). The two presses of BRBNMPL are at Mysuru (Southern India) and Salboni (Eastern India). Coins are minted in four mints owned by SPMCIL. The mints are located at Mumbai, Hyderabad, Kolkata and NOIDA. The coins are issued for circulation only through the Reserve Bank in terms of Section 38 of the RBI Act. To facilitate the distribution of banknotes and rupee coins, the Reserve Bank has authorised select scheduled banks to establish currency chests. These are storehouses where banknotes and rupee coins are stocked on behalf of the Reserve Bank for distribution to bank branches in their area of operation. As on February 28, 2025, there were 2691 currency chests. (ANI)
Time of India
17-05-2025
- Business
- Time of India
RBI to issue Rs 20 notes with new Governor Sanjay Malhotra's signature
The Reserve Bank of India announced that it will soon issue Rs 20 denomination banknotes in the Mahatma Gandhi (New) Series bearing the signature of the new RBI Governor Sanjay Malhotra, according to an official statement. The new notes will retain the existing design and features of the current Rs 20 notes in circulation, except for the new governor's signature. The RBI also clarified that all previously issued Rs 20 banknotes will continue to be legal tender, as per the statement. Sanjay Malhotra was appointed as the RBI Governor, effective from December 11, 2024, and will continue for three years. 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by Legal Tender is a coin or a banknote that is legally tenderable for discharge of debt or obligation. According to the central bank, every banknote issued by Reserve Bank of India, unless withdrawn from circulation, are legal tender at any place in India in payment or on account for the amount expressed therein, and shall be guaranteed by the Central Government, subject to provisions of sub-section (2) Section 26 of RBI Act, 1934. Rs 1 notes issued by Government of India are also Legal Tender. Live Events Bank notes are printed at four currency presses, two of which are owned by the Government of India through its Corporation, Security Printing and Minting Corporation of India Ltd (SPMCIL) and two are owned by the Reserve Bank, through its wholly owned subsidiary, Bharatiya Reserve Bank Note Mudran Private Ltd. (BRBNMPL). The currency presses of SPMCIL are at Nasik (Western India) and Dewas (Central India). The two presses of BRBNMPL are at Mysuru (Southern India) and Salboni (Eastern India). Coins are minted in four mints owned by SPMCIL. The mints are located at Mumbai, Hyderabad, Kolkata and NOIDA. The coins are issued for circulation only through the Reserve Bank in terms of Section 38 of the RBI Act. To facilitate the distribution of banknotes and rupee coins, the Reserve Bank has authorised select scheduled banks to establish currency chests. These are storehouses where banknotes and rupee coins are stocked on behalf of the Reserve Bank for distribution to bank branches in their area of operation. As on February 28, 2025, there were 2691 currency chests.
Time of India
17-05-2025
- Business
- Time of India
RBI to issue Rs 20 notes featuring signature of governor Sanjay Malhotra
Pic credit- ANI The Reserve Bank of India (RBI) has announced that it will soon release Rs 20 denomination banknotes in the Mahatma Gandhi (New) Series carrying the signature of the newly appointed Governor, Sanjay Malhotra. The design and security features of the notes will remain unchanged from those currently in circulation, with the only difference being the updated signature. Sanjay Malhotra assumed office as the 26th Governor of the Reserve Bank of India on December 11, 2024, for a three-year term. The RBI clarified that all existing Rs 20 banknotes issued under previous governors will continue to be legal tender, news agency ANI reported. As per the provisions of the RBI Act, 1934, all banknotes issued by the Reserve Bank, unless withdrawn from circulation, remain legal tender for payments and obligations across India. Additionally, Rs 1 notes issued by the Government of India also retain legal tender status. Banknotes are printed at four currency presses. Two are operated by the Government of India through the Security Printing and Minting Corporation of India Ltd. (SPMCIL) in Nasik and Dewas, while the other two are managed by Bharatiya Reserve Bank Note Mudran Pvt. Ltd. (BRBNMPL), a wholly owned subsidiary of the RBI, located in Mysuru and Salboni. Coin minting is carried out at four government-owned mints under SPMCIL, located in Mumbai, Hyderabad, Kolkata, and Noida. Coins are issued for circulation only through the Reserve Bank in accordance with Section 38 of the RBI Act. For distribution of banknotes and coins, the RBI has authorised select scheduled banks to maintain currency chests. These chests function as storage and distribution centres on behalf of the RBI. As of February 28, 2025, there were 2,691 such currency chests across the country. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
