₹2000 banknote still legal tender, circulation drops to ₹8,470 crore: RBI - Hindustan Times

2000 banknote still legal tender, circulation drops to 8,470 crore: RBI

Mar 01, 2024 02:01 PM IST

The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation on May 19, 2023.

The Reserve Bank of India (RBI) on Friday disclosed a substantial decrease in the circulation of 2000 denomination banknotes since the announcement of their withdrawal. As per the latest data, the total value of 2000 banknotes in circulation has plummeted from 3.56 lakh crore on May 19, 2023, to a mere 8470 crore by February 29, 2024.

A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu.(REUTERS)
A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu.(REUTERS)

“Thus, 97.62% of the 2000 banknotes in circulation as on May 19, 2023, has since been returned,” the central bank said in a release.

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Also Read: RBI says 2000 notes worth 9760 crore not deposited, exchanged

The RBI also noted that 2000 banknotes continue to be legal tender.

"The facility for deposit and/or exchange of the 2000 banknotes was available at all bank branches in the country up to October 07, 2023. The facility for the exchange of the 2000 banknotes has been available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023." the RBI release added.

Also Read: RBI: 500 banknotes with star symbol genuine. Why is it printed? Explained

The 2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy expeditiously after the withdrawal of the legal tender status of all 500 and 1000 banknotes in circulation at that time.

According to the RBI, the printing of 2000 banknotes was stopped in 2018-19 once the objective of introducing 2000 banknotes was met after banknotes in other denominations became available in adequate quantities.

The status of withdrawal of 2000 banknotes is periodically published by the RBI.

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