In a significant move announced through Press Release 2023-2024/257 on May 19, 2023, the Reserve Bank of India (RBI) declared the withdrawal of ₹2000 denomination banknotes from circulation. A recent update, as of December 29, 2023, reveals that 97.38% of the ₹2000 banknotes in circulation as of the withdrawal announcement in May 2023 have been successfully returned.
The withdrawal process allowed individuals and entities to deposit or exchange ₹2000 banknotes at all bank branches until October 07, 2023. Subsequently, the RBI Issue Offices have continued to facilitate the exchange and deposit of these banknotes. Since October 09, 2023, individuals and entities can also utilize India Post to send ₹2000 banknotes to any RBI Issue Office for crediting to their bank accounts.
As of December 29, 2023, the total value of ₹2000 banknotes in circulation has seen a significant reduction from ₹3.56 lakh crore on May 19, 2023, to ₹9,330 crore. This accounts for 97.38% of the total value in circulation as of the withdrawal announcement.
It’s crucial to note that despite the withdrawal initiative, ₹2000 banknotes remain legal tender. The RBI continues to monitor and update the status of this withdrawal, contributing to the broader efforts in currency management.
For further details, please refer to the official press release (2023-2024/1595) by Yogesh Dayal, Chief General Manager of the Reserve Bank of India.
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Reserve Bank of India
Date : Jan 01, 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 December 01, 2023.
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)1 since 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 from within the country are sending ₹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.
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 ₹9,330 crore at the close of business on December 29, 2023. Thus, 97.38% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned.
5. The ₹2000 banknotes continue to be legal tender.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1595
1 Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram
