The Reserve Bank of India (RBI) announced the withdrawal of ₹2000 denomination banknotes from circulation through a press release on May 19, 2023. The RBI periodically publishes updates on the status of the withdrawal of ₹2000 banknotes, with the most recent press release being issued on April 01, 2024. It is important to note that ₹2000 banknotes continue to be legal tender.
Deposit and Exchange Facility
The facility for depositing and exchanging ₹2000 banknotes was available at all bank branches in the country until October 07, 2023.
Exchange Facility at RBI Issue Offices
Since May 19, 2023, the facility for exchanging ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices). Starting from October 09, 2023, the RBI Issue Offices also accept ₹2000 banknotes from individuals and entities for deposit into their bank accounts. Additionally, 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.
Reduction in Circulation
The total value of ₹2000 banknotes in circulation was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal was announced. As of April 30, 2024, the value has declined to ₹7961 crore. This means that 97.76% of the ₹2000 banknotes in circulation as of May 19, 2023, have been returned
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