Indians have just a few days to return billions in banknotes

15:39 - 28.09.2023

September 28, Fineko/  The country's highest-value banknote will be withdrawn by the end of September - $3 billion worth of which is still in circulation.

India's highest-value banknote will soon be out of business: the 2,000-rupee currency notes are going to be withdrawn in five days, but $2.9 billion worth of them is still in circulation.

The Reserve Bank of India (RBI) ordered the withdrawal of the note on 19 May, giving people until the end of September to exchange or deposit them with banks. After that, people will have to explain why they couldn't meet the deadline.

Following the announcement, 93% of the notes, worth 3.32 trillion rupees ($40.14 billion, or €37.7 billion), have found their way back by the 1 September.

However, 7% of the notes, worth 240 billion rupees, are still in people's pockets.

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