More than 97 pc 2000 Rupee Notes Recovered, Still Holding 2000 Rupee Notes? Here’s What RBI Says

The Reserve Bank Of India in its recent press release on Friday said that 97.62 per cent of the 2000 banknotes have recovered since the announcement made to withdraw the country's highest denomination in May 2023.
RBI, Reserve Bank Of India, 2000 Notes, Denomination, Withdraw, Demonetization

More than 97 pc 2000 Notes Recovered, Still Holding 2000 Notes? Here’s What RBI Says

The Reserve Bank Of India in its recent press release on Friday said that 97.62 per cent of the 2000 banknotes have recovered since the announcement to withdraw the country's highest denomination in May 2023.

Rs 2000 Note Circulation And Current Status

The value of Rs 2000 banknotes in circulation, which stood at Rs 3.56 lakh crore on May 19, 2023, when the withdrawal announcement was made, has now decreased to Rs 8470 crore as of the close of business on February 29, 2024.
“Thus, 97.62 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, have since been returned”. RBI said in the press release.

Is 2000 Still A Legal Tender?

Rs 2000 banknotes remain legal tender. Holders of these notes can still exchange them at designated RBI offices.

Where Can You Exchange 20000 Notes?

The RBI has provided facilities for exchanging Rs 2000 banknotes at its 19 Issue Offices. Individuals and entities have been able to deposit these notes directly into their bank accounts. The public also has the option to send their Rs 2000 banknotes via India Post to any RBI Issue Office for account credit.

When And Why RBI Withdrew Rs 2000 Denomination From Circulation?

RBI on May 19 2023 announced to withdrawal of the circulation of 2000 notes from the circulation. In a press release, RBI said Rs 2000 notes were primarily introduced to meet the currency requirement of the economy expeditiously 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, the printing of Rs 2000 banknotes was stopped in 2018-19.
In view of the pursuance of the “Clean Note Policy” of the Reserve Bank of India (RBI) decided to withdraw the Rs 2000 denomination banknotes from circulation.
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