The Rs2000 banknotes continue to be legal tender
FinTech BizNews Service
Mumbai, December 1, 2023: The Reserve Bank of India (RBI) had announced the withdrawal of Rs2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of Rs2000 banknotes has been periodically published by the RBI.
The facility for deposit and / or exchange of the Rs2000 banknotes was available at all bank branches in the country initially up to September 30, 2023, which was later extended upto October 07, 2023.
The facility for exchange of the Rs2000 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 Rs2000 denomination banknotes across the counters, are also accepting Rs2000 banknotes from individuals / entities for deposit to their bank accounts. Further, members of the public from within the country can send Rs2000 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 total value of Rs2000 banknotes in circulation, which amounted to Rs3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of Rs2000 banknotes was announced, has declined to Rs9,760 crore as at the close of business on November 30, 2023. Thus, 97.26% of the Rs2000 banknotes in circulation as on May 19, 2023, has since been returned.
