The Reserve Bank of India (RBI) reported that 98.04% of Rs 2000 banknotes in circulation as of May 19, 2023, have now been returned. As of October 31, 2024, the value of these banknotes outside the banking system has decreased to Rs 6,970 crore. The RBI announced the withdrawal of the Rs 2000 denomination banknotes on May 19, 2023.
At that time, the total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore. This means that less than 2% remain in circulation, even though they continue to be legal tender.
The RBI provides facilities to exchange Rs 2000 banknotes at its 19 Issue Offices. This service has been available since May 19, 2023. As of October 9, 2023, these offices also accept deposits of Rs 2000 banknotes from individuals and entities. Additionally, people can send Rs 2000 banknotes through India Post to any RBI Issue Office for credit to their bank accounts.
The RBI introduced the Rs 2000 banknote in November 2016 to meet currency needs after withdrawing Rs 500 and Rs 1000 notes. The RBI stopped printing Rs 2000 banknotes in 2018-19 due to the adequate availability of other denominations. The RBI’s decision to withdraw the Rs 2000 banknotes aligns with its Clean Note Policy. This policy aims to ensure good quality banknotes for the public.
Also Read: India Condemns Violent Incident At Hindu Sabha Temple In Canada
The much-anticipated 5th match of the ICC Champions Trophy 2025 is underway today between India…
India’s domestic air passenger traffic rises 14.5% YoY in January 2025, with international traffic showing…
Cricket fans are eagerly anticipating one of the most exciting clashes of the ICC Champions…
India has been honored with the Prince Michael Decade of Action Road Safety Award for…
Schneider Electric announces plans to establish three new manufacturing plants in India, bolstering its presence…
Union Power Minister Manohar Lal Khattar announces a significant rise in electricity supply in rural…