In a recent update, the Reserve Bank of India (RBI) has disclosed that over 97% of the ₹2000 denomination banknotes, which were announced for withdrawal on May 19, 2023, have been returned as of February 29, 2024. This revelation comes as part of the RBI’s periodic status reports on the withdrawal process.
The facility for the deposit and/or exchange of ₹2000 banknotes was available at all bank branches nationwide until October 07, 2023. Following this, the exchange facility has been limited to the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023. Starting October 09, 2023, these RBI Issue Offices began accepting ₹2000 banknotes for deposit into individual and entity bank accounts. Additionally, the public has been utilizing India Post to send ₹2000 banknotes from any post office to RBI Issue Offices for credit to their bank accounts.
As of the latest report, the total value of ₹2000 banknotes in circulation, which stood at ₹3.56 lakh crore on May 19, 2023, has seen a significant reduction to ₹8470 crore by February 29, 2024. This indicates that 97.62% of the ₹2000 banknotes in circulation on the announcement date have been successfully returned.
It’s important to note that despite the withdrawal process, ₹2000 banknotes continue to remain legal tender, emphasizing the coexistence of various denominations in the Indian currency landscape.
