RBI Gets Another Rs 74 Crore Of Rs 2000 Notes In November

Reserve Bank Reiterates Commitment to Rs 2,000 Denomination Note Withdrawal

The Reserve Bank of India (RBI) has announced that it has received an additional Rs 74 crore in Rs 2,000 denomination notes during the month of November.

Decline in Circulation of Rs 2,000 Denomination Notes

As of November 29, the total value of Rs 2,000 denomination notes in circulation has declined to Rs 5,743 crore, down from Rs 5,817 crore on October 31 this year, according to the RBI.

Background of Rs 2,000 Denomination Note Withdrawal

• In May 2023, the RBI announced the withdrawal of the Rs 2,000 denomination notes, which were introduced in the immediate aftermath of the 2016 demonetisation.
• A facility for deposit and/or exchange of the Rs 2,000 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.
• Members of the public can also send 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.

Totals and Legal Tender Status

The RBI has stated that 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, and that the bills continue to be legal tender.

The RBI's commitment to the withdrawal of the Rs 2,000 denomination notes is a significant step in the country's ongoing efforts to modernize and streamline its currency system.

• Rs 74 crore - additional Rs 2,000 denomination notes received by RBI in November
• Rs 5,743 crore - total value of Rs 2,000 denomination notes in circulation as of November 29
• Rs 5,817 crore - total value of Rs 2,000 denomination notes in circulation on October 31