The Reserve Bank of India (RBI) announced the withdrawal of ₹2000 denomination banknotes from circulation through a press release dated May 19, 2023 (Press Release 2023-2024/257). Updates on the status of the withdrawal have been periodically published, with the latest press release issued on November 4, 2024. As per RBI release, 98.08% of the ₹2000 banknotes in circulation as of May 19, 2023, have been returned.
Key Updates:
- Deposit and Exchange Facilities at Banks:
The facility to deposit and/or exchange ₹2000 banknotes was available at all bank branches across the country until October 7, 2023. - Exchange Facilities at RBI Issue Offices:
- Since May 19, 2023, ₹2000 banknotes can be exchanged at the 19 Issue Offices of the RBI.
- From October 9, 2023, these offices also began accepting ₹2000 banknotes for deposit into individuals’ or entities’ bank accounts.
- Additionally, the public can send ₹2000 banknotes through India Post from any post office to any RBI Issue Office for credit to their bank accounts.
- Decline in ₹2000 Banknotes in Circulation:
- When the withdrawal was announced on May 19, 2023, the total value of ₹2000 banknotes in circulation was ₹3.56 lakh crore.
- As of November 29, 2024, this figure has decreased significantly to ₹6839 crore, indicating that 98.08% of the ₹2000 banknotes in circulation as of May 19, 2023, have been returned.
- Legal Tender Status:
Despite being withdrawn from circulation, ₹2000 banknotes remain legal tender.
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