In a recent statement, the Reserve Bank of India (RBI) disclosed that almost 97.26% of the ₹2,000 denomination bank notes, amounting to ₹3.56 lakh crore as of May 19, 2023, have been successfully returned to the banking system. With the withdrawal of these high-value notes announced on May 19, 2023, the remaining value in circulation has dwindled to ₹9,760 crore as of November 30, 2023.
Despite the withdrawal, the RBI affirmed that ₹2,000 banknotes continue to be legal tender. Individuals can still deposit or exchange these notes at any of the 19 RBI offices across the country. Additionally, the option to send ₹2,000 bank notes via India Post from any post office to RBI Issue Offices for crediting to their bank accounts remains available.
Initially, the public and entities holding these notes were instructed to exchange or deposit them in bank accounts by September 30, with a subsequent extension of the deadline to October 7. Deposit and exchange services at bank branches ceased on October 7. From October 8 onwards, individuals have been granted the choice of either exchanging the currency or having the equivalent amount credited to their bank accounts at the designated 19 RBI offices.
Despite the discontinuation of these services at bank branches, individuals continue to queue up during working hours at RBI offices for the exchange or deposit of ₹2,000 notes. The 19 RBI offices facilitating this service are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
Introduced in November 2016 following the demonetization of the ₹1,000 and ₹500 notes, the ₹2,000 bank notes have undergone a significant reduction in circulation as part of the government’s efforts to manage currency supply and curb black money. The RBI’s latest update underscores the effectiveness of the withdrawal process while reaffirming the continued validity of the ₹2,000 notes still in possession of the public.
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