RBI Rs 2000 Note Withdrawal Update: 98.12% Returned as Circulation Drops Sharply

Last updated: 03 January 2025

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The Reserve Bank of India (RBI) has announced that a significant 98.12% of the Rs 2000 banknotes initially in circulation have been returned. The total value of these notes in circulation has dropped from Rs 3.56 lakh crore in May 2023 to just Rs 6,691 crore by the end of December 2024. While the exchange facility at bank branches closed on October 7, 2023, individuals can still exchange or deposit these notes at RBI Issue Offices or send them via India Post.

The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI.

RBI Rs 2000 Note Withdrawal: 98.12 Returned

2. The facility for deposit and/or exchange of the ₹2000 banknotes was available at all bank branches in the country upto October 07, 2023.

3. The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) 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 are sending ₹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.

4. 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 ₹6,691 crore at the close of business on December 31, 2024. Thus, 98.12% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned.

5. The ₹2000 banknotes continue to be legal tender.

FAQ :

As of December 31, 2024, 98.12% of the Rs 2000 banknotes that were in circulation have been returned to the Reserve Bank of India.

The total value of Rs 2000 banknotes still in circulation is Rs 6,691 crore as of December 31, 2024.

You can exchange or deposit Rs 2000 banknotes at any of the 19 RBI Issue Offices. You can also send them via India Post to any RBI Issue Office for credit to your bank account.

The facility for exchanging Rs 2000 banknotes at all bank branches across the country ended on October 7, 2023.

Yes, the Rs 2000 banknotes continue to be legal tender.

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