The Reserve Bank of India (RBI) Wednesdays expressed over 97% of the ₹2,000 banknotes available for use have been gotten back to the financial framework, and just ₹10,000 crore of such notes are still in open flow.
The RBI further said the public can still deposit or exchange the ₹2,000 denomination banknotes at the 19 RBI offices in the country.
RBI Withdraw Rs.2000 Notes In May
The Reserve Bank, in pursuance of the “Clean Note Policy” on May 19 this year, decided to withdraw the ₹2000 denomination banknotes from circulation. While the public was asked to deposit the banknotes, the RBI said the banknotes will continue to be legal tender.
97 % Notes Returned To Bank
“The complete worth of ₹2000 banknotes available for use, which added up to ₹3.56 lakh crore as at the end of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was declared, has declined to ₹0.10 lakh crore as at the end of business on October 31, 2023. In this manner, over 97% of the ₹2000 banknotes available for use as of May 19, 2023, has since been returned,” the RBI said in a roundabout.
Printing Of Rs. 2000 Notes Stopped In November
The ₹2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time.
The objective of introducing ₹2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of ₹2000 banknotes was stopped in 2018-19, the bank said.