RBI Declares Over 97% of Rs 2000 Banknotes Out of Circulation: Withdrawal Process Update
In a recent announcement, the Reserve Bank of India (RBI) revealed that 97.76% of the Rs 2000 banknotes in circulation have been returned, marking a significant milestone in the withdrawal process initiated in 2023.
The RBI, in its periodic update, stated that the total value of Rs 2000 banknotes in circulation has drastically declined from Rs 3.56 lakh crore to Rs 7961 crore as of April 30, 2024. This update signifies the effectiveness of the withdrawal measures implemented by the RBI. The central bank also reiterated that Rs 2000 notes continue to be legal tender.
The withdrawal of Rs 2000 denomination banknotes was initially announced by the RBI in May 2023, with a deadline for deposit or exchange at bank branches until October 07, 2023. Since then, individuals and entities have been able to exchange the notes at RBI Issue Offices, along with the option of sending them through India Post for credit to their bank accounts.
The latest data underscores the progress made in the withdrawal process, reflecting a substantial reduction in the circulation of Rs 2000 notes. As the RBI continues its efforts to manage currency circulation effectively, the update highlights the evolving landscape of currency management in the country.
