As of January 31, 2024, the total value of Rs 2,000 banknotes in circulation has dwindled to Rs 8,897 crore, marking a significant decline from the Rs 3.56 lakh crore recorded on May 19, 2023, when the withdrawal announcement was made, according to a statement by the Reserve Bank of India (RBI) on Thursday. This implies that 97.50 per cent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have been returned.
Since the withdrawal announcement, the facility for the exchange of Rs 2,000 banknotes has been accessible at the 19 Issue Offices of the Reserve Bank. Notably, starting from October 9, 2023, these RBI Issue Offices have also been accepting Rs 2,000 banknotes from individuals and entities for deposit into their bank accounts.
In addition, members of the public within the country have the option to send Rs 2,000 banknotes through India Post from any post office to any RBI Issue Office for crediting to their bank accounts, as informed by the central bank.
Despite the decline in circulation, the RBI emphasized that Rs 2,000 banknotes remain legal tender. The evolving situation reflects changing dynamics in the usage and circulation of high-denomination currency notes in the Indian economy.
(With Agency Inputs)
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