RBI Announces 97.87% Return Of ₹2000 Banknotes, Circulation Now At ₹7581 Crore

RBI Announces 97.87% Return Of ₹2000 Banknotes, Circulation Now At ₹7581 Crore

The RBI earlier on May 19, 2023, announced that Rs 2,000 denomination banknotes would be withdrawn from circulation.

G R MukeshUpdated: Monday, July 01, 2024, 07:24 PM IST
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RBI Announces 97.87% Return Of ₹2000 Banknotes, Circulation Now At ₹7581 Crore | File

The Reserve Bank of India on Monday announced that as of June 28, 2024, the value of Rs 2,000 banknotes in circulation has reduced to Rs 7,581 crore. Thus, 97.87 per cent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have been returned, the RBI said in the press release.

The RBI earlier on May 19, 2023, announced that Rs 2,000 denomination banknotes would be withdrawn from circulation.

When the withdrawal of the Rs 2,000 was first announced, the total value of Rs 2,000 banknotes in circulation was at Rs 3.56 lakh crore. The RBI provided multiple avenues for the public to deposit or exchange these notes, to facilitate the process, .

At the initial phase, all bank branches across the country were available for this purpose until October 07, 2023.

Despite the withdrawal, it is important to note that Rs 2,000 banknotes continue to be legal tender

Despite the withdrawal, it is important to note that Rs 2,000 banknotes continue to be legal tender | File photo

From October 09, 2023, the RBI's 19 Issue Offices have been accepting Rs 2,000 banknotes for deposit into bank accounts.

in addition, individuals and entities can send the Rs 2,000 notes via India Post from any post office to the RBI Issue Offices for account credit.

About Legal Tender Status

Despite the withdrawal, it is important to note that Rs 2,000 banknotes continue to be legal tender which means they can still be used for transactions and will be accepted for payment of debts, although with limited availability in circulation.

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