RBI reports that 98% of ₹2000 banknotes in circulation have been returned following the withdrawal announcement

The Reserve Bank of India ( RBI ) has provided a crucial update regarding the withdrawal of ₹2000 denomination banknotes from circulation, which was initially announced on May 19, 2023. According to the latest figures, the total value of ₹2000 banknotes in circulation has dramatically dropped from ₹3.56 lakh crore to ₹7,117 crore as of September 30, 2024. This reflects that 98% of the ₹2000 notes in circulation at the time of the announcement have since been returned. The RBI highlighted that the facility to deposit or exchange ₹2000 notes at bank branches concluded on October 7, 2023. However, individuals and entities can still exchange their ₹2000 notes at the 19 designated RBI Issue Offices. Additionally, the public has the option to send their ₹2000 banknotes via India Post to these RBI offices for deposit into their bank accounts. Transform Your GST Knowledge: Comprehensive Course – Enroll Now Notably, despite the ongoing withdrawal, the ₹2000 banknotes remain legal tender, reassuring individuals that they can still be used for transactions until further notice. The RBI continues to monitor the situation and is expected to release additional updates as necessary.