Printing a single Rs 2,000 note costs approximately Rs 4. In 2018, the cost of printing a Rs 2,000 note was Rs 4.18, but it later decreased to Rs 3.53.
The Reserve Bank of India (RBI) has decided to extend the deadline for exchanging or depositing Rs 2,000 banknotes, which were removed from circulation in May this year. The new deadline is October 7. It’s important to note that Rs 2,000 banknotes will remain valid as legal tender.
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Also, the RBI prints various denominations of notes and their cost of printing varies. Printing a single Rs 2,000 note costs approximately Rs 4. In 2018, the cost of printing a Rs 2,000 note was Rs 4.18, but it later decreased to Rs 3.53.
Interestingly, the highest printing expenditure is associated with Rs 10 notes. It costs Rs 960 to print 1,000 notes of Rs 10. This implies that the cost of printing the note significantly exceeds its face value. It’s important to note the varying costs of printing different denominations of notes. Here’s a breakdown:
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.
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Surprisingly, the cost of printing 1000 notes of Rs 2,000 is lower compared to some of these denominations, making it a more cost-effective option in terms of printing expenses.
As per RBI, out of the total value of Rs 3.56 lakh crore in Rs 2,000 banknotes that were in circulation as of May 19, Rs 3.42 lakh crore has been returned to the banks, leaving only Rs 0.14 lakh crore in circulation as of September 29. The initial deadline for depositing or exchanging these notes was September 30.
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According to a statement from the RBI, “96 per cent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have been returned.” Additionally, the central bank mentioned that starting from October 8, the process of depositing or exchanging Rs 2,000 banknotes at bank branches will be discontinued.
The RBI has clarified that individuals or entities can still exchange Rs 2,000 banknotes at the 19 RBI Issue Offices, with a limit of Rs 20,000 at a time. Furthermore, they can deposit Rs 2,000 banknotes at these RBI Issue Offices into their Indian bank accounts for any amount. Additionally, individuals or entities located within the country have the option to send Rs 2,000 banknotes through India Post to any of the 19 RBI Issue Offices for crediting them to their bank accounts in India.
