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Reserve Bank of India Confirms ₹2000 Denomination Banknotes to Remain Legal Tender; Exchange Facility to Continue

The Reserve Bank of India (RBI) has issued a circular, marked as DCM(Plg) No.S-239/10.27.00/2023-24, on May 22, 2023, to all banks regarding the withdrawal of ₹2000 denomination banknotes from circulation. The circular states that the ₹2000 banknotes will continue to be accepted as legal tender.

The circular reiterates the information provided in a previous circular, DCM(Plg) No.S-236/10.27.00/2023-24, dated May 19, 2023. It clarifies that the facility for exchanging ₹2000 banknotes over the counter will be available to the public in the same manner as before.

Additionally, banks are advised to make necessary arrangements at their branches to accommodate customers seeking to exchange ₹2000 banknotes. This includes providing shaded waiting spaces, drinking water facilities, and other amenities, considering the ongoing summer season.

Furthermore, banks are instructed to maintain daily data on the deposit and exchange of ₹2000 banknotes. They must record and submit this information, as requested, in a prescribed format provided by the RBI.

The circular concludes with a request for banks to acknowledge receipt of the information.

This communication from the RBI confirms that the ₹2000 denomination banknotes will continue to be valid and accepted as legal tender. It ensures that the public can exchange these banknotes as usual, and banks are required to provide the necessary facilities to accommodate customer demands. The maintenance of daily data on deposit and exchange transactions aims to monitor the circulation and usage of ₹2000 banknotes effectively. Overall, this announcement provides clarity and reassurance regarding the status of ₹2000 denomination banknotes in the Indian economy.

Full Text of the Circular is as below:

Reserve Bank of India

DCM(Plg) No.S-239/10.27.00/2023-24

May 22, 2023

The Chairman / Managing Director/ Chief Executive Officer
All Banks

Dear Sir /Madam,

₹2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tender

In continuation to our circular DCM(Plg) No.S-236/10.27.00/2023-24 dated May 19, 2023 on the captioned subject, it is advised as follows:

2. The facility of exchange of ₹2000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier.

3. Banks are advised to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc. considering the summer season.

4. Banks shall maintain daily data on deposit and exchange of ₹2000 banknotes in the format given below and submit the same as and when called for.

Bank Name Date Amount of ₹2000 banknotes Exchanged Amount of ₹2000 banknotes Deposited Total Amount

5. Please acknowledge receipt.

Yours faithfully

(Suman Ray)
Chief General Manager in-Charge

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June 2024