NEW DELHI: The Reserve Bank of India (RBI) announced on Monday that as of March 29, 2024, the total value of Rs 2000 notes in circulation has declined to 8,202 crore. RBI provided this information through a press release.
RBI had declared the withdrawal of 2000 denomination banknotes from circulation in May 2023, in pursuance of the “Clean Note Policy”.
The RBI had allowed a window for deposit and/or exchange of the 2000 banknotes at all bank branches across the country until October 07, 2023, and the facility to exchange these banknotes at the 19 Issue Offices of the Reserve Bank.
Additionally, starting from October 09, 2023, RBI Issue Offices began accepting 2000 banknotes from individuals for deposit into bank accounts. Furthermore, the public has been utilizing India Post to send 2000 banknotes from any post office in the country to RBI Issue Offices for credit to their bank accounts.
As per the data provided by the RBI, the total value of 2000 banknotes in circulation stood at Rs 3.56 lakh crore on May 19, 2023. However, as of March 29, 2024, this value has dramatically decreased to Rs 8202 crore. This signifies that a staggering 97.69% of the 2000 banknotes in circulation as of May 19, 2023, have been returned.
Despite the withdrawal, it’s important to note that 2000 banknotes continue to remain legal tender.
RBI had declared the withdrawal of 2000 denomination banknotes from circulation in May 2023, in pursuance of the “Clean Note Policy”.
The RBI had allowed a window for deposit and/or exchange of the 2000 banknotes at all bank branches across the country until October 07, 2023, and the facility to exchange these banknotes at the 19 Issue Offices of the Reserve Bank.
Additionally, starting from October 09, 2023, RBI Issue Offices began accepting 2000 banknotes from individuals for deposit into bank accounts. Furthermore, the public has been utilizing India Post to send 2000 banknotes from any post office in the country to RBI Issue Offices for credit to their bank accounts.
As per the data provided by the RBI, the total value of 2000 banknotes in circulation stood at Rs 3.56 lakh crore on May 19, 2023. However, as of March 29, 2024, this value has dramatically decreased to Rs 8202 crore. This signifies that a staggering 97.69% of the 2000 banknotes in circulation as of May 19, 2023, have been returned.
Despite the withdrawal, it’s important to note that 2000 banknotes continue to remain legal tender.