Mumbai: Despite its long-drawn withdrawal process, the Rs 2000 note is still a legal tender, as declared by the Reserve Bank of India (RBI). The withdrawal of Rs 2000 denomination banknotes from circulation was announced on May 19, 2023.
As of December 31, 2024, an impressive 98.12% of these notes have been returned to the banking system, reducing the total value of Rs 2000 banknotes in circulation from Rs 3.56 lakh crore to Rs 6,691 crore. Of course this makes a substantial availability. Where are they still stacked?
The facility for deposit and exchange of these notes was available at all bank branches until October 7, 2023. Since then, only 19 RBI issue offices have been handling the exchange and deposit of these notes. Members of the public can also send Rs 2000 banknotes through India Post from any post office within the country to any of the RBI issue offices for credit to their bank accounts.
The Rs 2000 banknotes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1000 and Rs 500 banknotes.
