RBI Governor Sanjay Malhotra informed the Parliamentary Standing Committee on Finance that Rs 2,000 notes are no longer in circulation but remain legal tender. Despite withdrawal announcement in May 2023, Rs 6,099 crore worth of these notes remain circulating as of July 1.
Since withdrawal, 98.08% of Rs 2,000 notes have been returned, with total value dropping from Rs 3.56 lakh crore to Rs 6,839 crore by November 2024. Exchange facilities are now restricted to 19 designated RBI offices across India.
MPs raised concerns about counterfeit currency, with 1.12 lakh fake Rs 500 notes seized. Malhotra assured the committee that government and RBI are committed to preventing counterfeiting activities. Committee Chairman Bhartruhari Mahtab described the discussion as "meaningful," noting India's economic resilience despite global challenges.
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