₹2,000 banknotes worth ₹8,470 crore still in circulation, says RBI

The facility for exchange of the ₹2,000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023

A man poses with Indian 2,000 rupees currency notes outside a bank in Amritsar on May 20, 2023. (Photo by Narinder NANU / AFP) | Photo Credit: NARINDER NANU

More than 9 months since the Reserve Bank of India (RBI) announced to withdraw ₹2000 banknotes, about ₹8,470 crore worth ₹2,000 banknotes were still in circulation as on February 29, 2024 as per updates provided by the central bank.

“The total value of ₹2,000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹8,470 crore at the close of business on February 29, 2024,” the RBI said.

“Thus, 97.62% of the ₹2,000 banknotes in circulation as on May 19, 2023, has since been returned,” it added.

The ₹2,000 banknotes continue to be legal tender.

The facility for exchange of the ₹2,000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023.

From October 09, 2023, RBI Issue Offices are also accepting ₹2,000 banknotes from individuals/entities for deposit into their bank accounts.

Further, members of the public are sending ₹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, the RBI said.