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RBI Update: Withdrawal of ₹2000 Denomination Banknotes

RBI Master Direction Prudential Regulations

Reserve Bank of India Update: Withdrawal of ₹2000 Denomination Banknotes –

As on May 19, 2023, Reserve Bank of India said more than 97% of Rs. 2,000  denomination banknotes in circulation have been returned by 31st October, 2023, Even as balance Rs. 2,000 Banknotes in circulation continue to be legal tender.

Reserve Bank of India, in its recent explanation on withdrawal of Rs. 2,000 Banknotes, underscored that Value of Rs. 2,000 banknotes in circulation, which amounted to ₹3.56 lakh crore as at the close of business on May 19, 2023 when their withdrawal was announced, has declined to Rs. 10,000 Cr as at close of business on October 31, 2023.

While the option to deposit and/or exchange rupees Rs. 2000/- denomination banknotes at all bank branches nationwide ceased on October 7, 2023, the Reserve Bank of India announced that as of October 9, 2023, its Issue Offices will no longer only exchange these banknotes throughout India but will also accept deposits of Rs. 2,000/- denomination banknotes from entities & individuals for deposit into their bank accounts.

RBI order Key Points:

Withdrawal of ₹2000 Banknotes

  1. RBI said that more than 97% of Rs 2000 Denomination Banknotes in circulation as on May 19, 2023 has been returned.
  2. Central Bank also update, Window for exchange/ deposit Rs 2000 Denomination banknotes continues to be available at the 19 Issue Offices of Reserve Bank of India.

19 Reserve Bank of India Issue Offices are:

  • Chennai, Guwahati, Hyderabad, New Delhi, Patna, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, and Thiruvananthapuram

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