₹2000 banknotes circulation declined to ₹7961 crore from ₹3.56 lakh crore: RBI

On May 19, 2023, the RBI announced the withdrawal of  ₹2,000 denomination bank notes from circulation.

 ₹2000 banknotes circulation declined to ₹7961 crore from ₹3.56 lakh crore: RBI
 ₹2000 banknotes circulation declined to ₹7961 crore from ₹3.56 lakh crore: RBI

The Reserve Bank of India (RBI) on Thursday said nearly 97.76% of the ₹2000 denomination bank notes have returned to the banking system.

On May 19, 2023, the RBI announced the withdrawal of  ₹2,000 denomination bank notes from circulation.

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 ₹7961 crore at the close of business on April 30, 2024, the Reserve Bank of India said in a statement.

The  ₹2,000 banknotes continue to be legal tender.

The last announcement with regards to  ₹2,000 currency notes was made on April 1, 2024, when it was revealed that 97.69% of the banknotes in circulation as of May 19, 2023, were returned.

Notably, the facility for deposit and exchange of currency notes was available at all bank branches up to October 7, 2023.

Additionally, 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 can send  ₹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.

The  ₹2000 bank notes were introduced in November 2016, following the demonetisation of the then-prevailing  ₹1,000 and  ₹500 bank notes.

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