Mumbai, March 1, 2025 – The Reserve Bank of India (RBI) announced on Saturday that 98.18% of the withdrawn Rs 2000 denomination banknotes have now been returned to the banking system. As of February 28, 2025, only Rs 6,471 crore worth of these notes remain with the public.
Withdrawal of Rs 2000 Notes – A Quick Recap
On May 19, 2023, the RBI officially declared the withdrawal of Rs 2000 denomination banknotes from circulation. At that time, the total value of these banknotes circulating within the Indian economy was Rs 3.56 lakh crore.As of the latest data released by the RBI, the value of outstanding Rs 2000 notes has sharply declined to just Rs 6,471 crore, marking a significant return rate of 98.18%.
Facilities for Exchange and Deposit
Initially, individuals and entities had until October 7, 2023, to exchange or deposit Rs 2000 notes at bank branches nationwide. Although this window closed, the RBI has continued to provide avenues for deposit:- RBI Issue Offices: Since October 9, 2023, RBI’s 19 issue offices across India have been accepting Rs 2000 notes from the public and businesses for direct deposit into bank accounts.
- India Post Facility: Citizens can also conveniently deposit Rs 2000 banknotes through India Post. Notes can be mailed from any post office across the country directly to RBI issue offices, after which funds are credited to the sender’s bank account.
Rs 2000 Banknotes Remain Legal Tender
Despite the withdrawal and reduction in circulation, the RBI reaffirmed that Rs 2000 banknotes continue to remain legal tender. Citizens can still use these notes for transactions without any legal hindrance.
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