The Reserve Bank of India (RBI) has provided an update on the status of the ₹2000 denomination banknotes withdrawal. The process began in May 2023 and was announced to the public through RBI’s press release. As of October 7, 2023, the public could no longer deposit or exchange the ₹2000 notes at bank branches, but exchange facilities continued at 19 RBI Issue Offices across the country. As of October 31, 2024, 98.04% of the ₹2000 banknotes that were in circulation as of May 19, 2023, have been returned, reducing the total value of these notes from ₹3.56 lakh crore to ₹6970 crore. The ₹2000 banknotes remain legal tender despite their gradual withdrawal from circulation.
Reserve Bank of India
Press Release: 2024-2025/1421 Date : Nov 04, 2024
Withdrawal of ₹2000 Denomination Banknotes – Status
The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on October 01, 2024.
2. The facility for deposit and / or exchange of the ₹2000 banknotes was available at all bank branches in the country upto October 07, 2023.
3. The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending ₹2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts.
4. The total value of ₹2000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹6970 crore at the close of business on October 31, 2024. Thus, 98.04% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned.
5. The ₹2000 banknotes continue to be legal tender.
(Puneet Pancholy)
Chief General Manager
1 Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram
