Over 95% of Rs 2,000 currency notes back in banking system: RBI
Mumbai: Over 95 percent of the Rs 2,000 currency notes in circulation as of May 19, 2023, are back in the banking system, the Reserve Bank of India (RBI) said on Thursday.
The total value of such banknotes in circulation declined to Rs 8,897 crore at the close of business on January 31, 2024, from Rs 3.56 lakh crore at the close of business on May 19, 2023, when the government announced to withdrawal of the Rs 2,000 bills, the RBI said in a statement.
The central bank declared the withdrawal of high-value denomination banknotes from circulation as a component of its clean note policy.
The facility for deposit and/or exchange of the Rs 2,000 banknotes was available at all bank branches in the country up to October 7, 2023. The facility for the exchange of the Rs 2,000 banknotes is available at the 19 Issue Offices of the Reserve Bank since May 19, 2023, the release said.
Starting from October 09, 2023, the RBI Issue Offices are now also receiving Rs 2,000 banknotes from individuals and entities for deposit into their bank accounts.
The central bank announced the withdrawal of Rs 2,000 banknotes in line with its clean note policy.
People can also send Rs 2,000 banknotes through India Post from any post office in the country to any of the RBI Issue Offices for credit to their bank account.
The RBI had introduced Rs 2,000 banknotes in November 2016 to fulfill the demand for currency in the economy after the legal tender status of Rs 500 and Rs 1,000 banknotes were withdrawn from in circulation at that time.
After the objective of introducing the Rs 2,000 bills was me, the printing of Rs 2,000 banknotes was discontinued in 2018-19.
The Rs 2,000 banknotes, however, are still legal tender, the RBI said.
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