The Reserve Bank of India (RBI) has issued an update regarding the withdrawal of Rs 2000 denomination banknotes from circulation. According to the RBI press release, the total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore as of May 19, 2023, has significantly decreased to Rs 7961 crore by April 30, 2024.
This indicates that 97.76 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, have been returned. The withdrawal process was initially announced through a press release dated May 19, 2023, and the RBI periodically updates the status of this process.
As of the latest update published on April 1, the facility for deposit and/or exchange of Rs 2000 banknotes was available at all bank branches until October 7, 2023.
Subsequently, the exchange facility has been available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023.
Starting from October 9, 2023, these offices also started accepting Rs 2000 banknotes from individuals/entities for deposit into their bank accounts. Additionally, members of the public have been able to send Rs 2000 banknotes through India Post from any post office within the country to any RBI Issue Office for credit to their bank accounts.
It is important to note that despite the withdrawal process, Rs 2000 banknotes continue to be legal tender.