RBI’s ₹2,000 note withdrawal reaches 97.87%; banknotes worth ₹7,581 crore remain in circulation

The Reserve Bank of India (RBI) announced on July 1 that 97.87% of ₹2,000 denomination banknotes have been withdrawn as of June 28.

On May 19, 2023, the RBI declared the withdrawal of ₹2,000 currency notes. According to the RBI, ₹3.56 lakh crore worth of these notes were in circulation at that time.

Currently, ₹7,581 crore worth of ₹2,000 denomination notes remain in circulation, according to the RBI's June update.

Compared to the previous month's data, the amount yet to be withdrawn has decreased by 2.29%. In May 2024, the remaining amount stood at ₹7,755 crore. These notes are still valid legal tender.

Since the announcement of the withdrawal, the RBI has provided facilities for the public to exchange ₹2,000 banknotes at 19 Issue Offices across the country.

From October 2023, the RBI began accepting ₹2,000 notes from individuals and entities for deposit into their bank accounts. Additionally, notes can be sent through India Post from local post offices to any RBI Issue Office to transfer funds to bank accounts

Similar services for depositing or exchanging ₹2,000 notes were available at all bank branches in India until October 7, 2023.

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