Rs.2000 Banknotes Withdrawal: Total value of Banknotes in circulation declined to Rs.8,470 crore by Feb end

In an update on the withdrawal of Rs.2,000 denomination banknotes, the central bank emphasized that, as of the close of business on February 29, 2024, the total value of Rs.2,000 banknotes in circulation had decreased to Rs.8,470 crore from Rs.3.56 lakh crore on May 19, 2023, the day the withdrawal was announced.

In a press release dated May 19, 2023, the Reserve Bank of India (RBI) announced the removal of banknotes with the denomination of Rs.2000 from circulation. The RBI releases information on the withdrawal status of Rs.2000 banknotes on a periodic basis. On February 1st, 2024, the most recent news announcement about this matter was released.

The facility for deposit and / or exchange of the Rs.2000 banknotes was available at all bank branches in the country upto October 07, 2023.

Since May 19, 2023, the Reserve Bank’s 19 Issue Offices (RBI Issue Offices) have offered the facility to exchange Rs.2000 banknotes. From October 09, 2023, RBI Issue Offices are also accepting Rs.2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending Rs.2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts.

At the close of business on May 19, 2023, when the withdrawal of Rs.2000 banknotes was announced, the total value of Rs.2000 banknotes in circulation was Rs.3.56 lakh crore. As of February 29, 2024, the value had decreased to Rs.8470 crore. In other words, as of May 19, 2023, 97.62% of the Rs.2000 banknotes in circulation have been returned.

The Rs.2000 banknotes continue to be legal tender.