Over 97% Rs 2000 notes returned; RBI says denomination continues to be legal tender

On Monday, the Reserve Bank of India (RBI) announced that 97.38% of the withdrawn notes had been reinserted into the system and that Rs 2,000 banknotes remained legal tender.

According to the RBI, as of December 29, 2023, there were still Rs 9,330 crore worth of Rs 2,000 notes in circulation, compared to Rs 3.56 lakh crore on May 19, 2023.

RBI further stated that when the withdrawal of Rs 2,000 banknotes was announced on May 19, 2023, the total value of Rs 2,000 banknotes in circulation was Rs 3.56 lakh crore. As of December 29, 2023, the value had decreased to Rs 9,330 crore. As a result, as of May 19, 2023, 97.38% of the Rs 2,000 banknotes that were in circulation have been returned.

The RBI had declared on May 19, 2023, that banknotes with the denomination of Rs 2,000 would no longer be in circulation.

The public can exchange or deposit Rs 2,000 banknotes at any of the nation’s 19 RBI offices.

RBI stated that as of October 9, 2023, individuals and entities may deposit Rs 2,000 banknotes into their bank accounts at RBI Issue Offices. Additionally, the public is sending Rs 2,000 banknotes to any RBI Issue Office via India Post from any post office nationwide so that the money can be credited to their bank accounts.

The initial request was made to the public and entities holding these notes to exchange or deposit them in bank accounts by September 30. Later, the deadline was moved to October 7. On October 7, deposit and exchange services were terminated at bank branches.

From October 8, people can choose to exchange the currency or have the equivalent amount credited to their bank accounts at any of the 19 RBI offices.

Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram are the 19 RBI offices that deposit and exchange bank notes.

November 2016 saw the introduction of the Rs 2,000 bank notes, which replaced the then-current Rs 1,000 and Rs 500 bank notes.