On May 19, 2023, the Reserve Bank of India (RBI) announced the phased withdrawal of ₹2000 denomination banknotes from circulation. The latest status update, issued on July 01, 2024, reflects significant progress in this initiative.
As of October 07, 2023, the facility for depositing or exchanging ₹2000 banknotes was available across all bank branches nationwide. Since then, RBI Issue Offices, which have been accepting ₹2000 banknotes since May 19, 2023, began accepting these notes for deposit into bank accounts from October 09, 2023. Additionally, the public has utilized India Post services to send ₹2000 banknotes to RBI Issue Offices for credit to their accounts.
The total value of ₹2000 banknotes in circulation has drastically reduced from ₹3.56 lakh crore on the announcement date to ₹7409 crore as of July 31, 2024. This represents a return rate of 97.92% of the ₹2000 banknotes in circulation as of May 19, 2023.
RBI clarified that despite the withdrawal process, ₹2000 banknotes remain legal tender.
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