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

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

Published on: Mar 1, 2024, 14:01:49 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

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)

“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.

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.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News on Petrol Price, Gold Rate, Silver Rates, Diesel Prices along with Income Tax Calculator