Major Update from RBI Regarding ₹2000 Notes – Significant Development Unveiled

  In a recent update, the Reserve Bank of India (RBI) has disclosed that as of January 31, 2024, only ₹8,897 crore worth of ₹2000 banknotes are still in circulation, marking a substantial reduction from the ₹3.56 lakh crore recorded on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced.

           The withdrawal process involved the facility for deposit and exchange of ₹2000 banknotes at all bank branches, available up to October 07, 2023. Since then, individuals and entities have been able to exchange these notes at the 19 RBI Issue Offices. Moreover, from October 09, 2023, RBI Issue Offices began accepting ₹2000 banknotes for deposit into individuals' and entities' bank accounts. Members of the public have also utilized India Post to send ₹2000 banknotes to any RBI Issue Office for credit to their bank accounts.

           The total value of ₹2000 banknotes in circulation, which stood at ₹3.56 lakh crore on May 19, 2023, has now significantly dwindled to ₹8,897 crore as of January 31, 2024. This means that 97.50% of the ₹2000 banknotes in circulation as of the withdrawal announcement date have been successfully returned.

      Despite the withdrawal process, it's essential to note that the ₹2000 banknotes continue to be legal tender. The RBI is actively overseeing the completion of the withdrawal, ensuring a smooth transition for the public.