Sat. Apr 13th, 2024

On Monday, April 1, 2024, the Reserve Bank of India (RBI) announced that nearly 97.69% of the ₹2000 banknotes have returned to the banking system. The RBI had announced the withdrawal of ₹2,000 denomination bank notes from circulation on May 19, 2023, but they continue to be legal tender.

The total value of ₹2000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, has declined to ₹8202 crore at the close of business on March 29, 2024. This means that 97.69 per cent of the ₹2,000 banknotes in circulation as of May 19, 2023, have been returned.

People can deposit and/or exchange ₹2,000 bank notes at 19 RBI offices across the country, or send them through India Post from any post office to any of the RBI Issue Offices for credit to their bank accounts in India. The 19 RBI offices include locations in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

The RBI introduced ₹2,000 banknotes in November 2016, after the withdrawal of the legal tender status of all ₹500 and ₹1,000 banknotes in circulation. From October 8, 2023, individuals were provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 offices of the RBI.

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