Rs 2,000 banknotes withdrawal nears completion, says RBI

The Reserve Bank of India announced that 98.45 per cent of Rs 2,000 banknotes withdrawn from circulation since May 2023 have been returned. Exchange facilities remain open at RBI offices and via India Post, while the notes continue to be recognised as legal tender.

Mumbai: The Reserve Bank of India (RBI) on Wednesday said 98.45 per cent of the Rs 2,000 banknotes in circulation have been returned.

The central bank announced the withdrawal of Rs 2,000 denomination banknotes from circulation on May 19, 2023.

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The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of the banknotes was announced, has declined to Rs 5,501 crore at the close of business on March 31, 2026, the RBI said.

“Thus, ­­98.45 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned,” it said.

A facility for exchanging Rs 2000 banknotes is available at the 19 issue offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023. From October 9, 2023, the RBI issue offices also accept Rs 2,000 banknotes from individuals/entities for deposit into their bank accounts.

Additionally, members of the public are sending Rs 2,000 banknotes through India Post from any post office within the country to any of the RBI issue offices for credit to their bank accounts, the RBI said in a release.

The central bank further said Rs 2,000 banknotes continue to be legal tender.