RBI Says 98% Of Rs 2,000 Notes Returned To Banks Since Withdrawal, Here’s How You Can Still Exchange Yours

RBI said that the 98% of Rs 2,000 denomination notes have been returned to banks since their withdrawal in May 2023, reducing from Rs 3.56 lakh crore to Rs 7,117 crore as of September 2024.

The Reserve Bank of India (RBI) on Tuesday stated that 98% of Rs 2,000 denomination notes have been returned to banks following its decision to withdraw the currency in May 2023. The total value of these notes has significantly reduced from Rs 3.56 lakh crore on 19 May 2023 to Rs 7,117 crore as of 30 September 2024, according to the central bank.

In a statement, the RBI noted, "The total value of ₹2000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹7117 crore at the close of business on September 30, 2024. Thus, 98% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned."

On May 19, 2023, the RBI announced its move to phase out Rs 2,000 currency notes. It had stated, "The objective of introducing ₹2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of ₹2000 banknotes was stopped in 2018-19."

"It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public," the 2023 statement read.

How To Deposit Or Exchange Rs 2,000 Notes

Despite the withdrawal, it must be noted that Rs 2,000 notes remain legal tender. These notes can still be exchanged at any of RBI's 19 issue offices. Citizens can either visit the offices physically or send the notes by post to have the value credited to their bank accounts.

The facility to deposit or exchange the withdrawn Rs 2,000 notes at bank branches across the country was available until 7 October 2023. However, the RBI continues to accept the notes for deposit through its issue offices, which include locations in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

From 9 October 2023, individuals and entities have also been able to send Rs 2,000 notes via Indian Post to any RBI issue office, where the amount is deposited directly into their bank accounts.

"The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending ₹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," a September release by the RBI stated.