RBI Reports 97.69% of ₹2000 Currency Notes Returned to Circulation

The Reserve Bank of India (RBI) announced on Monday that approximately 97.69% of the ₹2000 banknotes have been returned to the banking system.

On May 19, 2023, the RBI declared the withdrawal of ₹2,000 denomination banknotes from circulation, although they remain legal tender.

According to the central bank’s statement, the total value of ₹2000 banknotes in circulation stood at ₹3.56 lakh crore on May 19, 2023, when the withdrawal was announced. This figure has since declined to ₹8202 crore by March 29, 2024.

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In other words, 97.69% of the ₹2,000 banknotes in circulation as of May 19, 2023, have been returned.

Individuals can deposit and/or exchange ₹2,000 banknotes at 19 RBI offices across the country. Additionally, they can send these banknotes through India Post from any post office to any of the RBI Issue Offices for crediting to their bank accounts in India.

The 19 RBI offices providing deposit/exchange services for the banknotes are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

Initially, public and private entities holding such notes were instructed to exchange or deposit them in bank accounts by September 30, 2023. However, the deadline was extended to October 7, 2023.

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Deposit and exchange services at bank branches were discontinued on October 7, 2023. From October 8, 2023, individuals were given the option to either exchange the currency or have the equivalent sum credited to their bank accounts at the 19 RBI offices.

When were ₹2,000 banknotes introduced?

In November 2016, following the withdrawal of the legal tender status of all ₹500 and ₹1,000 banknotes in circulation, the Reserve Bank of India (RBI) introduced ₹2,000 banknotes.