1. RBI reveals 97.26% of Rs 2000 banknotes from May 19, 2023, successfully reintegrated.
2. Initial total value of Rs 3.56 lakh crore declines substantially to Rs 9,760 crore by November 30, 2023.
3. The decrease reflects the progress in withdrawing and reabsorbing Rs 2000 notes into the banking system.
New Delhi, Dec 01: Reserve Bank of India (RBI) disclosed that 97.26% of the Rs 2000 banknotes in circulation as of May 19, 2023, have been successfully reintegrated into the banking system.
The total value of Rs 2000 banknotes in circulation stood at Rs 3.56 lakh crore on May 19, 2023, when the withdrawal of these notes was announced.
However, this amount has decreased significantly to Rs 9,760 crore by the close of business on November 30, 2023.
The RBI initiated the withdrawal of Rs 2000 denomination banknotes on May 19, 2023, as part of its clean note policy. The facility for deposit and exchange of these notes was initially available at all bank branches across the country until September 30, 2023. This deadline was later extended to October 7, 2023.
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Furthermore, the exchange facility for Rs 2000 banknotes was provided at the 19 Issue Offices of the Reserve Bank from the initiation of the withdrawal on May 19, 2023. Starting October 9, 2023, these RBI Issue Offices not only facilitated exchanges across counters but also accepted Rs 2000 banknotes from individuals and entities for deposit into their bank accounts.
The RBI additionally allowed the public within the country to send Rs 2000 banknotes through India Post from any post office to any RBI Issue Office for credit to their bank accounts in India.
Introduced in November 2016 to meet the immediate currency requirements after the withdrawal of Rs 500 and Rs 1,000 banknotes, the Rs 2000 banknotes served their purpose. However, with other denominations becoming adequately available, the printing of Rs 2000 banknotes ceased in 2018-19. Despite this, the notes will continue to be recognized as legal tender, as affirmed by the RBI.
