Big Update on ₹2000 Notes: RBI Announces Significant Return of Currency
The Reserve Bank of India (RBI) has reported a major development regarding the ₹2000 currency notes. On Monday, the RBI announced that 98.04% of the ₹2000 notes are now back in the banking system, leaving only ₹6,970 crore worth of these notes in public circulation.
This comes after the central bank’s decision to withdraw the ₹2000 notes from circulation on May 19, 2023.
Key Details from the RBI Announcement
On May 19, 2023, when the RBI made its announcement, there were ₹3.56 lakh crore worth of ₹2000 notes in circulation. As of October 31, 2024, this amount has decreased significantly to ₹6,970 crore. The RBI stated that by May 19, 2023, 98.04% of the ₹2000 notes that had been in circulation have already been returned.
The facility to deposit or exchange these notes was available at all bank branches until October 7, 2023. Currently, this service continues to be available at 19 issuance offices of the Reserve Bank.
Process of Returning the Notes
When the RBI decided to withdraw the ₹2000 notes from circulation, it allowed the public to deposit them at any nearby bank branch until October 7, 2023. After this date, people could exchange the notes at the RBI’s 19 regional offices and through postal services.
Details of RBI’s Regional Offices
The RBI continues to provide services for exchanging the withdrawn ₹2000 notes at its 19 regional offices. However, since October 9, 2023, there has been a surge in people rushing to these offices for note exchanges. Deposits of ₹2000 notes in bank accounts have been accepted since then.
Additionally, individuals across the country are sending ₹2000 notes to the RBI offices via India Post, which are subsequently deposited into their bank accounts. The RBI’s regional offices are located in major cities including Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
This announcement marks a significant step in managing the currency situation in India, ensuring the public is informed about the status and return of ₹2000 notes.u
