₹2000 Denomination Banknotes – Withdrawal from Circulation – Review
RBI/2023-24/64
DCM(Plg) No. S-1288/10.27.00/2023-24
September 30, 2023
The Chairman / Managing Director / Chief Executive Officer
All Banks
Madam / Dear Sir,
₹2000 Denomination Banknotes – Withdrawal from Circulation – Review
A reference is invited to our circulars DCM(Plg)No.S-236/10.27.00/2023-24 dated May 19, 2023 and DCM(Plg)No.S-239/10.27.00/2023-24 dated May 22, 2023 on the subject.
2. Of the total value of ₹3.56 lakh crore of ₹2000 banknotes in circulation as on May 19, 2023, ₹3.42 lakh crore has been received back leaving only ₹0.14 lakh crore in circulation as at the close of business on September 29, 2023; thus, 96% of ₹2000 banknotes in circulation as on May 19, 2023 has since been returned.
3. As the period specified for the withdrawal has come to an end, and based on a review, it has been decided to extend the current arrangement for deposit / exchange of ₹2000 banknotes until October 07, 2023. A Press Release in the matter has been issued. Banks shall continue to maintain daily data on deposit / exchange of ₹2000 banknotes in the format prescribed vide circular dated May 22, 2023 referred to above and submit the same to RBI.
4. With effect from October 8, 2023, banks shall stop accepting ₹2000 banknotes for credit to accounts or exchange to other denomination banknotes.
5. ₹2000 banknotes shall continue to be allowed to be presented at the 19 Regional Offices of RBI having Issue Departments (RBI Issue offices) for credit to the bank accounts in India or exchange as indicated in the Press Release.
6. All instructions issued under para 3A of our circular DCM(Plg)No.S-236/10.27.00/2023-24 dated May 19, 2023 in the matter shall continue to remain in force. Banks shall also ensure that ₹2000 banknotes collected by their branches till October 07, 2023, are deposited at currency chests on or before October 13, 2023.
7. ₹2000 banknotes shall continue to be legal tender.
8. A copy of the Press Release may also be displayed in the banking hall, ATM kiosks, etc., for information of the customers / public.
9. You are requested to issue suitable instructions to the branches in this regard.
Please acknowledge receipt.
Yours faithfully
(Suman Ray)
Chief General Manager in-Charge
CAclubindia
