The Reserve Bank of India (RBI) has announced that 97.96% of the Rs 2,000 banknotes in circulation have been returned to the banking system, following the withdrawal notice issued in May 2023. As of August 30, 2024, only Rs 7,261 crore worth of these notes remain with the public.
Key Highlights:
- Rs 2,000 notes in circulation stood at Rs 3.56 trillion as of May 19, 2023.
- By the end of August 2024, only Rs 7,261 crore worth of notes are still out there.
- The RBI initially set the deadline for deposit/exchange of these notes at October 7, 2023 at all banks across India.
What’s Next? 🏦
Even after the deadline, the public can still deposit these notes at any of the 19 RBI issue offices or even send them through India Post for account credit. This ongoing option ensures the public can still convert or deposit their remaining Rs 2,000 notes.
Introduced during the 2016 demonetization, these high-denomination notes are now being phased out to streamline currency operations. Keep an eye on the deadlines, and make sure to exchange any remaining notes!