RBI claims 97% of Rs. 2,000 notes back in system
The Reserve Bank of India (RBI) has announced that 97.26% of Rs. 2,000 banknotes in circulation as on May 19, 2023, have been returned to the system. This comes after the central bank's decision to withdraw the Rs. 2,000 denomination note as part of a clean currency initiative. However, the RBI has confirmed that the Rs. 2,000 banknotes will continue to be legal tender.
Decrease in value of Rs. 2,000 banknotes in circulation
As per an RBI circular, the total value of Rs. 2,000 banknotes in circulation was Rs. 3.56 lakh crore on May 19, 2023. This amount dropped to Rs. 9,760 crore by November 30. The option to deposit and exchange the Rs. 2,000 notes was initially available at all bank branches until September 30, and was later extended until October 7.
Exchange and deposit facilities for Rs. 2,000 banknotes
Starting May 2023, the exchange facility for Rs. 2,000 banknotes has been accessible at the 19 Issue Offices of the RBI. At present, these Issue Offices are accepting the currency from individuals or entities for deposit into their bank accounts. Moreover, individuals can send Rs. 2,000 notes through India Post from any post office in the country to any RBI Issue Office for crediting in their Indian bank accounts.
