RBI Report: 97.76% of Rs 2000 Currency Notes Returned

The Reserve Bank of India (RBI) has disclosed that 97.76% of the Rs 2000 denomination banknotes have been reabsorbed into the banking system, leaving only Rs 7,961 crore in circulation with the public. Since the announcement of their withdrawal from circulation on May 19, 2023, the total value of Rs 2000 banknotes has significantly decreased.

Withdrawal and Current Status

The RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation on May 19, 2023. As of April 30, 2024, the total value of Rs 2000 banknotes in circulation has plummeted from Rs 3.56 lakh crore to Rs 7,961 crore.

Continued Legality

Despite the withdrawal announcement, Rs 2000 banknotes remain legal tender.

Exchange and Deposit Procedures

• Individuals can deposit and/or exchange Rs 2000 banknotes at 19 RBI offices across the country.
• Alternatively, Rs 2000 banknotes can be sent through India Post from any post office to any RBI Issue Office for credit to bank accounts in India.

Deadline and Procedures

• Initially, public and private entities were instructed to exchange or deposit Rs 2000 banknotes in bank accounts by September 30, 2023. This deadline was extended to October 7, 2023.
• Deposit and exchange services at bank branches were discontinued after October 7, 2023.
• Starting October 8, 2023, individuals have been given the option to either exchange the currency or have the equivalent sum credited to their bank accounts at the 19 RBI offices.

RBI Offices for Exchange/Deposit

The 19 RBI offices facilitating the deposit/exchange of Rs 2000 banknotes are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

Introduction and Background

The Rs 2000 banknotes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1000 and Rs 500 banknotes.