The RBI had announced the withdrawal of ₹2,000 denomination banknotes from circulation on May 19, 2023.
| Photo Credit: R. Ragu
The Reserve Bank of India on December 1 reported a drop in the total value of ₹2,000 banknotes in circulation to ₹9,760 crore, with 97.26% returned.
About 2.7% of just-withdrawn ₹2,000 banknotes are still in circulation, about two months after the deadline to deposit or exchange them at bank branches is over.
Also read | October 7 deadline to exchange ₹2,000 notes
The RBI had announced the withdrawal of ₹2,000 denomination banknotes from circulation on May 19 this year. The last day for the public to avail of exchange or to deposit high-value ₹2,000 banknotes at the banks was October 7.
“The total value of ₹2,000 banknotes in circulation, which amounted to ₹3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of ₹2,000 banknotes was announced, has declined to ₹9,760 crore as at the close of business on November 30, 2023. Thus, 97.26% of the ₹2,000 banknotes in circulation as on May 19, 2023, has since been returned,” it said in a release.
The total value of ₹2,000 banknotes in circulation was ₹3.56 lakh crore at the close of business on May 19, 2023, the date on which RBI decided to withdraw the banknote. As of November 30, it was at ₹9,760 crore.
“The facility for exchange of the ₹2000 banknotes was also available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) from May 19, 2023. From October 09, 2023, RBI Issue Offices, in addition to exchanging ₹2000 denomination banknotes across the counters, are also accepting ₹2000 banknotes from individuals/entities for deposit to their bank accounts. Further, members of the public from within the country can send ₹2000 banknotes through India Post from any post office in the country, to any of the RBI Issue Offices for credit to their bank accounts in India,” read the statement.
₹2,000 banknotes continues to be a legal tender and can be exchanged for goods and services with willing parties.