The Bank of India and the government are responsible for issuing currency in India; no other notes apart from theirs will be valid. All notes except the one rupee note are printed under special surveillance by the RBI. Lately, there has been so much noise and talk about the 200 rupee note.
The Reserve Bank of India has issued significant guidelines as far as that is concerned (RBI Currency Update). Let us report to you here that the RBI has called for the withdrawal of thousands of 200 rupee notes. Let us know about this in detail.
This is the reason why 200 rupee notes were recalled
You know that paper currency is used in India more. In such cases, RBI (Reserve Bank of India) recalls the old and rotten currency notes put in the market. The actual reason why RBI is recalling the 200 notes is the bad condition of these notes.
As reported by the Reserve Bank of India, this time the 200 rupee notes came into the most rotten condition. Because of that, the notes worth Rs 137 crores have been again called back from the market. As per RBI, some notes of 200 were in rotten conditions while some were withdrawn due to writing over them.
So many notes are recalled last year also
Such recall of 200 notes by RBI is not new. In fact, last year also, RBI recalled about 135 crore worth of 200 notes due to their bad condition.
In this regard experts say that since the 2000 one has gone out of circulation, the 200 rupee one has been used more. These notes are now in bad condition owing to overuse, for which the RBI had to recall them.
People are talking about mutilated quantities of 200-rupee notes –
According to the statistics mentioned above, a rupee denomination is at such a place that 500 notes are worse off than 200. Last year, during their worst phase, these notes consumed Rs 633 crore in India’s economy. The reason for these worthies being so torn apart was the use of their condition.
However, the figure has now seen a significant change in the first half of this new year, as according to the data released, rupee notes were now standing damaged by 110%, while that of the 500 rupee notes got damaged only by 50%.
These are also small denominations of damaged notes
Besides the big notes, these include notes of Rs 5, Rs 10, and Rs 50. RBI recalled Rs 200, 234 crores worth of 5 and 10 notes. Apart from it, similarly, (RBI Currency News Update) amounted to Rs 139 crore, Rs 190 crore, and Rs 602.
Options given by RBI to replace the Rs 2000 currency The same two thousand rupees have been demonetized for the country. They have been recalled. However, if you have 2000 Rupees Notes (2000 Rupees Notes Update), then you can change it.
All this is happening after clarifying rules about people possessing Rs 2,000 notes by the Reserve Bank of India (RBI). So, all those who still have round 2,000 notes can indulge in the conversion services mentioned by RBI on 2000 Rupee note exchange.
Where shall 2000 notes be deposited?
According to RBI, apart from depositing bank notes in any RBI branch, one can also avail the service of changing notes in post offices across the country if one wants to exchange that 2000 note.
