97.76% of the ₹2,000 bank notes have been returned with due effect: RBI

On May 19, 2023, the banking authority said that banknotes with the value of ₹2000 would no longer be in circulation.

By Sneha Sengupta On May 2, 2024

The Reserve Bank of India (RBI) stated in a statement on Thursday that around 97.76% of the ₹2000 banknotes that were in circulation as of May 19, 2023, have already been returned.

Additionally, as of April 30, 2024, the notification notes that the total value of ₹2,000 banknotes in circulation has decreased to ₹7,961 crore from ₹3.56 lakh crore at the close of business on May 19, 2018, the day the removal of ₹2,000 banknotes was announced.

The ₹2000 banknotes would still be accepted as legal tender, according to the central bank.

On March 1, 2024, it was announced that 97.67% of the ₹2,000 currency notes that were in circulation as of May 19, 2023, had been returned. This was the most recent announcement regarding ₹2,000 currency notes.

Furthermore, starting on May 19, 2023, the Reserve Bank’s 19 issue offices (RBI Issue Offices) 1 offer the ability to swap ₹2000 banknotes. RBI Issue Offices will begin taking ₹2000 banknotes from people and entities from October 09, 2023, for deposit into bank accounts.

Here’s why ₹2000 banknotes are stopped from market circulation

97.69% of Rs 2000 currency notes returned to banking system, says RBI | India News - Business Standard

The RBI informed the stakeholders that around 89% of the ₹2000 denomination banknotes were created before March 2017 and are nearing the end of their expected life expectancy of 4 to 5 years, when announcing the withdrawal of notes on May 19, 2023. Therefore, the RBI decided to remove the ₹2,000 denomination banknotes from circulation as part of the “Clean Note Policy.”

All of the 500 and 1000 denomination banknotes that were in circulation at the time lost their legal tender status, hence the ₹2000 denomination banknote was issued in November 2016 mainly to quickly address the economy’s monetary needs.

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