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The Reserve Bank of India (RBI) announced on Friday that ₹9760 crore worth of ₹2000 denomination notes have not been deposited or exchanged since the withdrawal announcement on May 19, 2023. Despite 97.26% of the banknotes in circulation on the specified date being either deposited or exchanged, the total value has significantly decreased from ₹3.56 lakh crore to ₹9760 crore by November 30, 2023.
RBI’s decision to withdraw the ₹2000 banknotes aimed at reducing their circulation, and the apex bank reported that the value of these notes had reached ₹3.56 lakh crore by May 19, 2023. However, the drastic reduction to ₹9760 crore by November 30, 2023, indicates a substantial compliance with the withdrawal directive.
The RBI emphasized that 97.26% of the ₹2000 banknotes in circulation as of May 19, 2023, have been returned, showcasing the success of the withdrawal initiative. The central bank allowed the public to deposit or exchange these notes at all bank branches nationwide, with the initial deadline set for September 30, 2023, later extended to October 7, 2023.
Although the last date for exchanging ₹2000 notes expired on October 7, the RBI continues to offer this facility at its 19 offices. Individuals and entities can also deposit these notes to their bank accounts through RBI Issue Offices, and members of the public can send ₹2000 banknotes through India Post to any RBI Issue Office for credit to their Indian bank accounts.
Despite the withdrawal, the RBI reiterated that ₹2000 notes were legal tender until their complete return or exchange. The central bank’s efforts to manage this transition indicate a strategic approach to currency circulation and a commitment to ensuring a smooth process for the public.
