The Reserve Bank of India (RBI) has announced that a substantial 97.82% of the Rs 2000 denomination banknotes have been withdrawn from circulation as of May 31, 2024. This follows the earlier declaration on May 19, 2023, to withdraw these high-value notes.
The facility for depositing and exchange of Rs 2000 banknotes was available at all bank branches across the country until October 07, 2023. Since then, the exchange service has been provided at the 19 RBI Issue Offices, and from October 9, 2023, these offices have also been accepting the notes for deposit into bank accounts. Individuals can send the notes through India Post to any RBI Issue Office for credit to their accounts.
Initially, Rs 2000 banknotes worth Rs 3.56 lakh crore were in circulation as of May 19, 2023. By May 31, 2024, this amount had significantly reduced to Rs 7,755 crore. Despite the withdrawal, the Rs 2000 banknotes continue to remain legal tender.
