The total value of Rs2000 banknotes in circulation has declined to Rs7409 crore at the close of business on July 31, 2024
FinTech BizNews Service
Mumbai, August 4, 2024: The Reserve Bank of India (RBI) had announced the withdrawal of Rs2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of Rs2000 banknotes is periodically published by the RBI. The last press release in this regard was published on July 01, 2024.
2. The facility for deposit and / or exchange of the Rs2000 banknotes was available at all bank branches in the country up to October 07, 2023.
3. The facility for exchange of the Rs2000 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 Rs2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending Rs2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts.
4. The total value of Rs2000 banknotes in circulation, which was Rs3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs2000 banknotes was announced, has declined to Rs7409 crore at the close of business on July 31, 2024. Thus, 97.92% of the Rs2000 banknotes in circulation as on May 19, 2023, has since been returned.
5. The Rs2000 banknotes continue to be legal tender.
