Withdrawal of 2000 Denomination Banknotes – Status
The Reserve Bank of India (RBI) had announced the withdrawal of 2000denomination banknotes from circulation vide Press Release 2023-2024/257 datedMay 19. 2023. The statuswithdrawal of 2000 banknotes has been periodicallypublishedthe RBI.
- The facility for deposit and / or exchange of the 2000 banknotes was available atall bank branches in the country initially upto September 30, 2023, which was laterextended upto October 07, 2023.
- The facility for exchange of the 2000 banknotes was also available at the 19Issue Offices of the Reserve Bank (RBI Issue Offices)1 from May 19, 2023. FromOctober 09, 2023, RBI Issue Offices, in addition to exchanging 2000 denominationbanknotes across the counters, are also accepting 2000 banknotes from individualsentities for deposit to their bank accounts. Further, members of the public fromwithin the country can send 2000 banknotes through India Post from any post officein the country, to any of the RBI Issue Offices for creditatheir bank accounts inIndia. The format of application for credit into the bank account is enclosed.
- The total value of 2000 banknotes in circulation, which amounted to 3.56 lakhcrore as at the close of business on May 19, 2023 when the withdrawal of 2000banknotes was announced, has declined to 0.10 lakh crore as at the close ofbusiness on October 31, 2023. Thus, more than 97% of the 2000 banknotes incirculation asMay 19, 2023, has since been returned.
- The window for deposit and / or exchange the 2000 banknotes continues to beavailable at the 19 Issue Offices of RBI. Members of the public are requested to availthe facilitysending the 2000 banknotes through post offices of India Post. Thiswill obviate the need for travel to RBI Offices for deposit / exchange of the 2000banknotes.
- The 2000 banknotes continue to be legal tender.
(Yogesh Dayal) Chief General Manager
Press Release: 2023-2024/1222