The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) has announced that as of march 29, 2024, a staggering 97.69% of the currency notes in the denomination of Rs 2000 have been returned to the banking system. According to the RBI, this leaves only Rs 8202 crore worth of Rs 2000 notes yet to be deposited.
In a press release issued by the RBI, it was revealed that on May 19, 2023, when the decision to withdraw Rs 2000 notes from circulation was announced, the total value of these notes in circulation was Rs 3.56 lakh crore. However, as of march 29, 2024, only Rs 8202 crore worth of Rs 2000 notes remain in circulation, awaiting return to the banking system. The RBI further stated that 97.69% of the Rs 2000 notes in circulation as of May 19, 2023, have already been returned, leaving only 2.31% outstanding.
To facilitate the return of Rs 2000 notes, the RBI initiated the exchange facility in 19 issue offices from May 19, 2023. Subsequently, starting from october 9, 2023, these RBI offices began accepting Rs 2000 notes from individuals or entities for deposit into their bank accounts. Additionally, the RBI has informed the public that they can also deposit Rs 2000 notes through post offices, eliminating the need to visit RBI offices for this purpose. To facilitate this process, the RBI has released an application format for sending Rs 2000 notes through the postal service for disposal.
The RBI has emphasized that the Rs 2000 banknote will continue to remain legal tender. Despite the decision to withdraw Rs 2000 notes under the Clean Note Policy announced on May 9, 2023, the RBI has reiterated the legal status of the denomination.
