RBI News Update: ₹2000 Notes Remain Legal Tender as Majority Gets Deposited

The Reserve Bank of India (RBI) provided a recent update on the ₹2000 denomination notes, revealing that ₹9760 crore worth of these notes remains unaccounted for. This disclosure comes after the withdrawal announcement made on May 19, 2023, highlighting a significant shift in the circulation of these high-value notes.

Decline in Circulation and Current Status

As of November 30, 2023, the total value of ₹2000 banknotes in circulation has seen a drastic reduction, plummeting from ₹3.56 lakh crore to ₹9760 crore. The RBI reports that 97.26% of the ₹2000 banknotes in circulation as of May 19, 2023, have been returned or deposited.

Withdrawal Process and Deadlines

The RBI initiated the withdrawal of ₹2000 denomination banknotes on May 19, 2023, providing the public with the opportunity to deposit or exchange these notes at all bank branches. Initially, the deadline for this process was set for September 30, 2023, later extended to October 7, 2023. Despite the withdrawal, ₹2000 notes were considered legal tenders during this period.

Ongoing Exchange Facilities at RBI Issue Offices

While the last date for the exchange of ₹2000 notes expired on October 7, the RBI continues to offer the facility at its 19 offices. Individuals and entities can still exchange these notes across the counters, and from October 09, 2023, the RBI Issue Offices also accept ₹2000 banknotes for deposit to bank accounts. Additionally, the public can use India Post to send ₹2000 banknotes to any RBI Issue Office for credit to their bank accounts within the country.

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