As of July 1, the Reserve Bank of India (RBI) reported that 97.87 percent of the Rs 2,000 currency notes in circulation as of May 19, 2023, have been returned to the banking system.
The value of these notes decreased from Rs 3.56 lakh crore on May 19, 2023, to Rs 7,581 crore by the close of business on June 28. This reduction follows the RBI’s announcement to withdraw the Rs 2,000 notes as part of its clean note policy.
Initially, banks across the country were accepting these notes for deposit or exchange until October 7, 2023. Currently, the RBI’s 19 issue offices continue to accept the Rs 2,000 notes from individuals and entities for deposit into their bank accounts.
Additionally, the public can send these notes via India Post to any RBI issue office for account credit.
The Rs 2,000 notes were introduced in November 2016 to address the currency shortage caused by the demonetization of Rs 500 and Rs 1,000 notes. Once other denominations were sufficiently available, the printing of Rs 2,000 notes was discontinued in 2018-19.
