RBI gets another Rs 74 cr of RS 2k notes in November

RBI Updates on Rs 2,000 Denomination Notes Withdrawal

The Reserve Bank of India (RBI) has made an update on the withdrawal of Rs 2,000 denomination notes, which were introduced after the 2016 demonetisation.

As per the RBI, the bank has received another Rs 74 crore of the Rs 2,000 denomination notes during November, taking the total to Rs 74 crore.

Decline in Rs 2,000 Denomination Notes in Circulation

• As of November 29, the Rs 2,000 denomination notes in circulation have declined to Rs 5,743 crore.
• This is down from Rs 5,817 crore on October 31 this year, according to the central bank.

Withdrawal of Rs 2,000 Denomination Notes

The RBI announced the withdrawal of the Rs 2,000 denomination notes in May 2023.

Deposit and Exchange Facility

• A facility for deposit and/or exchange of the Rs 2000 banknotes was available at all bank branches in the country up to October 7, 2023.
• From October 9, 2023, RBI’s 19 Issue Offices are also accepting Rs 2000 banknotes from individuals/entities for deposit into their bank accounts.

Alternative Deposit Methods

• Members of the public are sending Rs 2,000 banknotes through India Post from any post office within the country to any of the RBI Issue Offices for credit to their bank accounts.

Update on Total Value of Rs 2,000 Banknotes

The total value of Rs 2,000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, the RBI said, stressing that the bills continue to be legal tender.