₹2000 Notes Worth ₹6,099 Crore Still in Use: RBI

The Reserve Bank of India (RBI) has revealed that ₹2000 banknotes worth ₹6,099 crore are still in circulation. This update comes more than two years after the RBI announced the withdrawal of these high-value notes from regular use on May 19, 2023. While most of the notes have been returned, a small portion is still with the public.

What Did RBI Say?

The RBI released new data showing that out of the total ₹3.56 lakh crore worth of ₹2000 notes that were in use as of May 19, 2023, about 98.29% have now been returned. This means only ₹6,099 crore worth of these notes are still out there.

The central bank clarified that ₹2000 notes continue to be legal tender, meaning they are still valid for use in transactions, though they are no longer being printed or issued.

Withdrawal Process and Exchange Facility

The facility to deposit or exchange ₹2000 notes was available at all bank branches till October 7, 2023. After that, only 19 RBI issue offices continued to accept them.

From October 9, 2023, the RBI offices have been accepting the notes from individuals and companies for direct deposit into their bank accounts. The RBI has also allowed people to send ₹2000 notes via India Post from any post office to its issue offices for credit to their bank accounts.

Background on ₹2000 Note Withdrawal

The ₹2000 banknote was introduced in November 2016 after the government demonetized ₹500 and ₹1000 notes. However, on May 19, 2023, the RBI decided to withdraw them to encourage digital payments and improve currency management.

The move was not demonetization—the ₹2000 note was not banned but gradually removed from circulation. People were given time to return or deposit the notes without panic.