Over 97% of Rs. 2,000 banknotes returned to system: RBI
The Reserve Bank of India (RBI) has revealed that 97.38% of the Rs. 2,000 currency notes in circulation have been returned to the banking system. The total value of these banknotes in circulation dropped to Rs. 9,330 crore on December 29, 2023, from Rs. 3.56 lakh crore on May 19, 2023, when the withdrawal of Rs. 2,000 banknotes was announced. The RBI had initiated the withdrawal of high-value denomination banknotes as part of its clean note policy.
Withdrawal and exchange facilities for Rs. 2,000 banknotes
The facility for deposit and/or exchange of the Rs. 2,000 banknotes was available at all bank branches in the country until October 7, 2023. Starting October 9, 2023, RBI Issue Offices also began accepting Rs. 2,000 banknotes from individuals and entities for deposit into their bank accounts.
Rs. 2,000 banknotes remain legal tender
The RBI had introduced Rs. 2,000 banknotes in November 2016 to swiftly meet the currency requirement of the economy after withdrawing the legal tender status of all Rs. 500 and Rs. 1,000 banknotes in circulation at that time. The goal of introducing Rs. 2,000 banknotes was achieved once other denominations became available in sufficient quantities. As a result, the printing of Rs. 2,000 banknotes ceased in 2018-19. Despite the withdrawal, these notes remain legal tender.
