On Monday, the Reserve Bank of India (RBI) announced that 97.87% of the ₹2000 banknotes that were in circulation as of 19 May 2023, have been returned.
This update follows the RBI’s decision to withdraw these high-denomination notes from circulation.
As per the latest data, the total value of ₹2000 banknotes in circulation has drastically reduced to ₹7581 crore by the close of business on 28 June 2024.
This is a significant decline from the ₹3.56 lakh crore that was in circulation as authorities announced the withdrawal on 19 May 2023.
Since 19 May 2023, the RBI has provided a facility for the exchange of ₹2000 banknotes at its 19 Issue Offices across the country.
Additionally, starting 9 October 2023, these Issue Offices have been accepting ₹2000 banknotes from individuals and entities for deposit into their bank accounts.
Moreover, members of the public have the option to send ₹2000 banknotes through India Post from any post office in the country to any of the RBI Issue Offices for credit to their bank accounts.
Despite withdrawing them from circulation, the Reserve Bank of India (RBI) continues to uphold the legal tender status of ₹2000 banknotes, ensuring they remain usable for transactions.
The move to withdraw the ₹2000 notes is part of the RBI’s ongoing efforts to manage the currency in circulation and ensure the smooth functioning of the financial system.
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