As of December 31, 2024, the Reserve Bank of India (RBI) announced that 98.12% of the ₹2,000 denomination banknotes have been returned to the banking system, with ₹6,691 crore still held by the public.
Background
On May 19, 2023, the RBI announced the withdrawal of ₹2,000 denomination banknotes from circulation. At that time, the total value of these notes in circulation was ₹3.56 lakh crore. By December 31, 2024, this amount had decreased to ₹6,691 crore, indicating a significant return of currency to the banking system.
Public Exchange Facilities
The RBI provided facilities for the deposit and exchange of ₹2,000 banknotes at all bank branches until October 7, 2023. After this date, the facility was available only at the 19 issue offices of the RBI. From October 9, 2023, these offices began accepting ₹2,000 banknotes from individuals and entities for deposit into their bank accounts. Additionally, members of the public could send ₹2,000 banknotes through India Post from any post office within the country to any of the RBI issue offices for credit to their bank accounts.
Current Status
As of December 31, 2024, ₹6,691 crore worth of ₹2,000 banknotes remain with the public. The RBI continues to accept these notes at its 19 issue offices, which are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
Summary of the news
| Why in News | Key Points |
|---|---|
| The Reserve Bank of India (RBI) reported that ₹6,691 crore worth of ₹2,000 notes are still with the public as of December 31, 2024, post-withdrawal. | – ₹2,000 notes were withdrawn by the RBI on May 19, 2023. |
| – 98.12% of ₹2,000 notes returned to the banking system. | |
| – Public had till October 7, 2023, to exchange or deposit ₹2,000 notes at commercial bank branches. | |
| – After October 7, 2023, exchange was only allowed at 19 RBI issue offices. | |
| – ₹6,691 crore worth of ₹2,000 notes remain with the public as of December 31, 2024. | |
| – RBI continues accepting ₹2,000 notes at its 19 issue offices for exchange and deposit. | |
| RBI Issue Offices | – The RBI issue offices are in Ahmedabad, Bengaluru, Bhopal, Chennai, Guwahati, Hyderabad, etc. |
| Withdrawal Announcement | – RBI announced the withdrawal of ₹2,000 notes on May 19, 2023. |
| Exchange Deadline | – Public could exchange ₹2,000 notes until October 7, 2023, at commercial bank branches. |
| Post-Deadline Exchange | – After October 7, 2023, ₹2,000 notes could only be exchanged at RBI’s 19 designated offices. |
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