₹2,000 banknotes continue to be legal tender, 97.6% notes returned: RBI
Upstox
1 min read • Updated: March 1, 2024, 4:31 PM
Summary
The RBI had announced the withdrawal of ₹2,000 notes on May 19, 2023. The facility for depositing or exchanging the ₹2000 notes was available at all bank branches until October 7, 2023.
The Reserve Bank of India (RBI) on Friday said that 97.62% of the ₹2,000 denomination banknotes in circulation have been returned as of February 29, 2024. However, ₹2,000 notes worth ₹8470 crore are still in circulation.
₹2,000 notes continue to be legal tender, the central bank added.
On May 19, 2023, the RBI had announced the withdrawal of ₹2,000 notes. The facility for deposit or exchange of the ₹2000 notes was available at all bank branches until October 7, 2023.
The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices). From October 9, 2023, RBI Issue Offices are accepting ₹2000 banknotes from individuals/entities for deposit into their bank accounts.
After the demonetisation of ₹500 and ₹1000 notes on November 8, 2016, the RBI had introduced ₹2000 notes to meet the currency demand.