RBI Gets ₹74 Crore More in ₹2,000 Notes in November; Circulation Falls to ₹5,743 Crore

RBI Receives Rs 74 Crore of Rs 2,000 Denomination Notes in November

The Reserve Bank of India (RBI) has announced that it has received another Rs 74 crore of the Rs 2,000 denomination notes at its offices during November. This development has led to a decline in the Rs 2,000 denomination notes in the currency in circulation to Rs 5,743 crore as of November 29, down from Rs 5,817 crore on October 31 this year.

Withdrawal of Rs 2,000 Denomination Notes

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. However, the central bank clarified that the bills continue to be legal tender.

Deposit and Exchange Facility

• 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.
• 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.

Total Value of Rs 2,000 Banknotes in Circulation

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. This indicates a significant reduction in the circulation of these notes, following the RBI's announcement to withdraw them.

Key Figures

• Rs 74 crore: Amount of Rs 2,000 denomination notes received by RBI in November.
• Rs 5,743 crore: Value of Rs 2,000 denomination notes in circulation as of November 29.
• Rs 5,817 crore: Value of Rs 2,000 denomination notes in circulation on October 31.
• Rs 3.56 lakh crore: Total value of Rs 2,000 banknotes in circulation at the close of business on May 19, 2023.