MUMBAI: The Reserve Bank of India (RBI) has released an update regarding the withdrawal of Rs 2,000 denomination banknotes from circulation.
According to a press release by the RBI, the total value of Rs 2,000 banknotes in circulation, which stood at Rs 3.56 lakh crore at the close of business on May 19, 2023, has significantly declined to Rs 7,961 crore at the close of business on April 30, 2024.
This indicates that 97.76 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, have since been returned. The withdrawal was initially announced through a press release dated May 19, 2023, and the status of this process is periodically published by the central bank.
As per the latest update published on April 1, the facility for deposit and/or exchange of the Rs 2,000 banknotes was available at all bank branches in the country until October 7, 2023. Following this, the facility for the exchange of the Rs 2,000 banknotes has been available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023.
From October 9, 2023, these offices also started accepting Rs 2000 banknotes from individuals/entities for deposit into their bank accounts. Additionally, members of the public have been able to send Rs 2,000 banknotes through India Post from any post office within the country to any RBI Issue Office for credit to their bank accounts.
It is important to note that despite the withdrawal process, Rs 2000 banknotes continue to be legal tender. (ANI)
