The Reserve Bank of India (RBI) revealed on Monday that 97.82% of the Rs 2000 denomination banknotes have made their way back into the banking system, leaving only Rs 7,755 crore worth of the withdrawn notes still in the possession of the public. The RBI announced the withdrawal of Rs 2000-denomination banknotes from circulation on May 19, 2023. Since then, the total value of these banknotes in circulation has reduced significantly.
Facilities for exchange and deposits
Until October 7, 2023, individuals had the opportunity to deposit and/or exchange Rs 2000 banknotes at all bank branches across the country. Subsequently, exchange facilities were made available at the 19 issue offices of the Reserve Bank from May 19, 2023.
Current exchange procedures
Starting from October 9, 2023, RBI issue offices began accepting Rs 2000 banknotes from individuals and entities for deposit into their bank accounts. Additionally, members of the public have been utilizing India Post services to send Rs 2000 banknotes to any RBI issue office for credit to their bank accounts.
Locations for exchange and deposits
Nineteen RBI offices across the country are facilitating the depositing and exchanging of these banknotes. These offices are situated in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
Background on Rs. 2000 banknotes
Introduced in November 2016 following the demonetisation of the then-prevailing Rs 1000 and Rs 500 banknotes, the Rs 2000 banknotes have now undergone significant circulation changes over the years.
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