Fri. May 31st, 2024

The Rs 2000 banknotes continue to be legal tender, says the RBI.

RBI says Rs 2,000 banknotes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023, has now declined to Rs 7,961 crore

The Reserve Bank of India (RBI) on Thursday said 97.76 per cent of the Rs 2000 banknotes have come back. In value terms, Rs 2,000 banknotes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023, has now declined to Rs 7,961 crore.

The RBI on May 19, 2023, announced the withdrawal of Rs 2,000 denomination banknotes from circulation.

“The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 7,961 crore at the close of business on April 30, 2024. Thus, 97.76 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned,” the RBI said in a statement on May 2, 2024.

It also said that the Rs 2000 banknotes continue to be legal tender.

The facility for the exchange of the Rs 2000 banknotes is available at the 19 issue offices of the Reserve Bank from May 19, 2023.

The facility for deposit and / or exchange of the Rs 2000 banknotes was available at all bank branches in the country initially up to September 30, 2023, which was later extended up to October 7, 2023.

From October 9, 2023, RBI Issue Offices, in addition to exchanging Rs 2000 denomination banknotes across the counters, have been accepting Rs 2000 banknotes from individuals/ entities for deposit to their bank accounts.

“Further, members of the public from within the country can send Rs 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 RBI said.

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