The Reserve Bank of India (RBI) recently released an update regarding the circulation of ₹2000 banknotes. According to the central bank, as of May 31, 2024, 97.82% of the ₹2000 banknotes that were in circulation as of May 19, 2023, have been returned to the banking system. This means that only ₹7,755 crore worth of the withdrawn notes are still with the public.
The RBI had initially announced the withdrawal of ₹2000 denomination banknotes from circulation on May 19, 2023. At that time, the total value of ₹2000 banknotes in circulation was ₹3.56 lakh crore. However, this value has now declined to ₹7,755 crore.
Deposit and Exchange Facilities for ₹2000 Banknotes
The RBI has provided facilities for the deposit and exchange of ₹2000 banknotes since the withdrawal announcement. Initially, this facility was available at all bank branches in the country until October 7, 2023. Subsequently, from May 19, 2023, the facility for the exchange of ₹2000 banknotes has been available at the 19 issue offices of the Reserve Bank.
Starting from October 9, 2023, individuals and entities have also been able to deposit ₹2000 banknotes into their bank accounts at the RBI issue offices. Additionally, members of the public have the option to send ₹2000 banknotes through India Post from any post office within the country to any of the RBI issue offices. This allows for the credit of the banknotes to their bank accounts.
List of RBI Issue Offices Accepting ₹2000 Banknotes
The 19 RBI issue offices that are currently accepting and exchanging the ₹2000 banknotes are located in the following cities: Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
Background on ₹2000 Banknotes
The ₹2000 banknotes were introduced in November 2016 following the demonetisation of the then-prevailing ₹1000 and ₹500 banknotes. The aim was to curb black money and promote a digital economy. However, with the recent update from the RBI, it is clear that a significant portion of these banknotes has now been returned to the banking system.
How to send 2000 rupee notes to RBI now