Mumbai, Feb 3 (PTI) – The Reserve Bank of India (RBI) announced on Monday that 98.15% of the ₹2000 denomination banknotes have been returned to the banking system, with only ₹6,577 crore worth of such notes still held by the public.
The RBI had declared the withdrawal of ₹2000 banknotes from circulation on May 19, 2023. At the time of the announcement, the total value of these notes in circulation stood at ₹3.56 lakh crore. By January 31, 2025, this figure had plummeted to ₹6,577 crore, according to an official statement.
"Thus, 98.15% of the ₹2000 banknotes in circulation as on May 19, 2023, have since been returned," the central bank stated.
Ongoing Exchange and Deposit Facilities
Initially, the RBI allowed the exchange and deposit of ₹2000 notes at all bank branches until October 7, 2023. However, individuals can still deposit or exchange these banknotes at any of the 19 designated RBI issue offices across the country.Since October 9, 2023, these RBI issue offices have been accepting ₹2000 notes for deposit into bank accounts. Additionally, the public can send their ₹2000 notes via India Post from any post office in the country to any RBI issue office for direct credit to their bank accounts.
₹2000 Banknotes Remain Legal Tender
Despite their withdrawal from circulation, ₹2000 banknotes continue to be legal tender. The designated RBI offices for exchange and deposit are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.Background: Introduction Post Demonetisation
The ₹2000 denomination banknotes were introduced in November 2016 as part of the government's efforts to replenish currency circulation following the demonetisation of ₹1000 and ₹500 notes.With the bulk of the ₹2000 notes now back in the banking system, the RBI's withdrawal process has seen significant compliance from the public.
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