Have 98.24 percent of Rs 2,000 banknotes been returned? RBI
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Synopsis
The RBI has announced that a remarkable 98.24% of Rs 2,000 banknotes in circulation have been returned, significantly lowering the total value outside the banking system. Explore the implications of this move as we delve into the history and future of these banknotes.
Key Takeaways
- 98.24% of Rs 2,000 banknotes have been returned.
- The total outstanding value is Rs 6,266 crore.
- The withdrawal announcement was made on May 19, 2023.
- Rs 2,000 banknotes are still legal tender.
- The RBI's Clean Note Policy aims for high-quality currency.
Mumbai, May 2 (NationPress) An impressive 98.24 percent of the Rs 2,000 banknotes that were in circulation as of May 19, 2023, have now been returned, with the total outstanding value of these notes diminishing to Rs 6,266 crore by the close of business on April 30, 2025, as per the Reserve Bank of India (RBI) update released on Friday.
As of May 19, 2023, the overall value of these banknotes in circulation was Rs 3.56 lakh crore, following the announcement of their withdrawal. This indicates that fewer than 2 percent of these notes remain in circulation.
The Rs 2,000 banknotes are still recognized as legal tender.
The option to exchange Rs 2,000 banknotes has been available at the 19 Issue Offices of the Reserve Bank since May 19, 2023. Beginning October 9, 2023, these offices will also accept Rs 2,000 banknotes from individuals/entities for deposit into their bank accounts. Additionally, the public can send Rs 2,000 banknotes via India Post from any post office in the country to any RBI Issue Office for credit to their bank accounts, according to the official statement.
The RBI announced the withdrawal of Rs 2,000 denomination banknotes on May 19, 2023. The RBI regularly publishes updates on the status of this withdrawal. The most recent press release was issued on October 1, 2024. The facility for depositing or exchanging Rs 2,000 banknotes was available at all bank branches across the country until October 7, 2023.
Introduced in November 2016, the Rs 2,000 banknote was aimed at swiftly meeting the currency needs of the economy after the withdrawal of the legal tender status of all Rs 500 and Rs 1,000 notes back then. With the achievement of this goal and the availability of sufficient banknotes in other denominations, the printing of Rs 2,000 banknotes ceased in 2018-19.
The majority of Rs 2,000 banknotes were issued prior to March 2017 and are nearing their estimated lifespan of 4-5 years. It has also been noted that this denomination is not frequently utilized for transactions. Furthermore, the stock of banknotes in other denominations was deemed adequate to satisfy the public's currency requirements.
Considering this, and as part of the Reserve Bank of India's (RBI) “Clean Note Policy”, it was decided to withdraw the Rs 2,000 denomination banknotes from circulation, as stated by the RBI during the withdrawal announcement. The RBI’s clean note policy aims to ensure the public has access to high-quality banknotes.
Point of View
It's crucial to recognize the RBI's significant decision to withdraw the Rs 2,000 banknotes from circulation. This move reflects a strategic response to evolving economic needs and public demand for high-quality currency. Our commitment is to keep the nation informed on financial matters that affect us all.
NationPress
17/06/2025
Frequently Asked Questions
What percentage of Rs 2,000 banknotes have been returned?
As of now, 98.24% of the Rs 2,000 banknotes in circulation have been returned to the RBI.
Are Rs 2,000 banknotes still considered legal tender?
Yes, the Rs 2,000 banknotes remain legal tender despite the ongoing withdrawal process.
When was the withdrawal of Rs 2,000 banknotes announced?
The withdrawal of Rs 2,000 banknotes was announced by the RBI on May 19, 2023.
Where can I exchange Rs 2,000 banknotes?
You can exchange Rs 2,000 banknotes at any of the 19 Issue Offices of the RBI.
What is the significance of the Clean Note Policy?
The Clean Note Policy aims to ensure that the public has access to good-quality banknotes, and it played a role in the decision to withdraw Rs 2,000 notes.
