Rs 2000 Banknotes: Daily Data of on deposit and exchange to be maintained by Banks in prescribed format

The Reserve Bank of India has decided to ban the Rs. 2000 denomination banknotes from circulation in view of the some factors and in conformity with its “Clean Note Policy.” The Rs. 2000 banknotes will continue to be accepted as legal money.

The RBI introduced Rs.2000 denomination banknote in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs.500 and Rs.1000 banknotes in circulation at that time.

The objective of introducing Rs.2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of Rs.2000 banknotes was stopped in 2018-19.

Approximately 89% of Rs.2000 banknotes were issued before to March 2017 and have reached the end of their anticipated life-span of 4-5 years. The total value of these banknotes in circulation has decreased from Rs.6.73 lakh crore on March 31, 2018 (37.3% of Notes in Circulation) to Rs.3.62 lakh crore on March 31, 2023 (only 10.8% of Notes in Circulation).

RBI Notifies this Withdrawal of Rs.2000 Denomination Banknotes from Circulation via issuing Circular. RBI stated that in continuation to their previous circular dated May 19, 2023 on the captioned subject, it is advised as follows:

• The facility of exchange of ₹2000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier.
• Banks are advised to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc. considering the summer season.
• Banks shall maintain daily data on deposit and exchange of Rs.2000 banknotes in the format given below and submit the same as and when called for.

To Read Official Circular Download PDF Given Below: