RBI: Over 97% of Rs 2000 denomination notes have been returned

RBI: Over 97% of Rs 2000 denomination notes have been returned

RBI: Over 97% of Rs 2000 denomination notes have been returned

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The Reserve Bank of India (RBI) had announced the withdrawal of ₹ 2000 denomination banknotes from circulation on May 19, 2023. 

The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on February 01, 2024.

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=57429

As per further information from RBI,

·         The facility for deposit and / or exchange of the ₹2000 banknotes was available at all bank branches in the country upto October 07, 2023.

·         The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending ₹2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts.

·         The total value of ₹2000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹8470 crore at the close of business on February 29, 2024. Thus, 97.62% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned.

·         The ₹2000 banknotes continue to be legal tender.

Shreyas Vange

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