Withdrawal of ₹2000 Denomination Banknotes – RBI Status
What was the total value of ₹2000 banknotes in circulation at the time of withdrawal announcement?
More than 97% of the ₹2000 banknotes in circulation as on May 19, 2023, have since been returned.
Date : Nov 01, 2023
1-The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes has been periodically published by the RBI.
2. The facility for deposit and / or exchange of the ₹2000 banknotes was available at all bank branches in the country initially upto September 30, 2023, which was later extended upto October 07, 2023.
3. The facility for exchange of the ₹2000 banknotes was also available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 from May 19, 2023. From October 09, 2023, RBI Issue Offices, in addition to exchanging ₹2000 denomination banknotes across the counters, are also accepting ₹2000 banknotes from individuals / entities for deposit to their bank accounts.
4-Further, members of the public from within the country can send ₹2000 banknotes through India Post from any post office in the country, to any of the RBI Issue Offices for credit to their bank accounts in India. The format of application for credit into the bank account is enclosed.
5. The total value of ₹2000 banknotes in circulation, which amounted to ₹3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of ₹2000 banknotes was announced, has declined to ₹0.10 lakh crore as at the close of business on October 31, 2023. Thus, more than 97% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned.
6. The window for deposit and / or exchange the ₹2000 banknotes continues to be available at the 19 Issue Offices of RBI. Members of the public are requested to avail the facility of sending the ₹2000 banknotes through post offices of India Post. This will obviate the need for travel to RBI Offices for deposit / exchange of the ₹2000 banknotes.
7. The ₹2000 banknotes continue to be legal tender.
(Yogesh Dayal)
Chief General Manager
Press Release: RBI 2023-2024/1222
Tagged: Economy
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© Advocatetanmoy Law Library