The deadline for exchanging or depositing Rs 2,000 banknotes, which were taken out of circulation in May of this year, has been extended by the Reserve Bank of India (RBI). The new cutoff date is October 7. Note that Rs. 2,000 bills will continue to be accepted as legal money.
The cost of printing different note denominations is also variable and is done by the RBI. A single Rs 2,000 note costs around Rs 4 to print. A Rs 2,000 note cost Rs 4.18 to create in 2018, although that cost subsequently fell to Rs 3.53.
It’s interesting to observe that printing costs for Rs. 10 notes are the highest. 1000 notes of Rs 10 cost Rs 960 to print. This suggests that the note’s printing expenses were far more than its face value. It’s significant to consider how much it costs to print various note denominations. Here is an explanation:
1) Printing 1,000 notes of Rs 100 costs Rs 1,770.
2) Printing 1,000 notes of Rs 200 costs Rs 2,370.
3) Printing 1,000 notes of Rs 500 costs Rs 2,290.
Surprisingly, producing 1000 notes of Rs 2,000 costs less than printing any of these other denominations, making it the most economical choice in terms of printing costs.
As of September 29, there were just Rs 0.14 lakh crore in circulation, down from the total value of Rs 3.56 lakh crore in Rs 2,000 banknotes that had been in circulation as of May 19. Of that amount, Rs 3.42 lakh crore had been returned to banks. The original deposit or exchange date for these notes was September 30.
96% of the Rs 2,000 banknotes in circulation as of May 19, 2023, have been returned, according to a statement from the RBI. In addition, the central bank said that as of October 8 there would be no longer be a procedure for depositing or exchanging Rs 2,000 banknotes at bank branches.
Individuals or organizations may still swap Rs 2,000 banknotes at the 19 RBI Issue Offices, with a cap of Rs 20,000 per transaction, according to the RBI. Additionally, customers may deposit any quantity of Rs 2,000 banknotes into their Indian bank accounts at designated RBI Issue Offices. Additionally, residents of the nation have the option to mail Rs 2,000 banknotes to any of the 19 RBI Issue Offices through India Post in order to have them credited to their Indian bank accounts.
