The Reserve Bank of India (RBI) announced the withdrawal of ₹2000 denomination banknotes from circulation on May 19, 2023. Since then, the RBI has actively monitored and updated the public on the progress, with the latest report released on December 2, 2024. This strategic move aims to enhance transparency and streamline India’s currency framework.
Key Updates on ₹2000 Banknote Withdrawal
- Deposit and Exchange Facility (Ended October 07, 2023):
- Until October 07, 2023, all bank branches across India facilitated the deposit and exchange of ₹2000 banknotes.
- This wide reach ensured accessibility for all citizens.
- RBI Issue Offices and India Post Services:
- From May 19, 2023, individuals and entities could exchange ₹2000 notes at the 19 RBI Issue Offices.
- Since October 09, 2023, these offices began accepting ₹2000 notes for direct deposit into bank accounts.
- Citizens can also send ₹2000 notes via India Post to RBI Issue Offices for seamless account credit.
- Decline in Circulation:
- On May 19, 2023, ₹2000 notes valued at ₹3.56 lakh crore were in circulation.
- By December 31, 2024, this value dropped to ₹6,691 crore, indicating that 98.12% of the ₹2000 notes have been returned.
- Legal Tender Status:
- Despite being withdrawn from circulation, ₹2000 notes retain their legal tender status.
Summary: A Smooth Transition
The RBI’s structured approach and ongoing updates have ensured a transparent and efficient withdrawal process. Citizens have benefited from the availability of multiple exchange and deposit options, including the use of post offices. With 98.12% of ₹2000 notes already returned, this initiative marks a significant milestone in India’s monetary reforms.
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