Rs 2,000 Note Continues To Be Legal Tender: What RBI Said In Its Latest Statement

The Reserve Bank of India (RBI) on Friday (1 December) announced that over 97 per cent of the Rs 2,000 note in circulation has been returned.

The central bank further noted that Rs 2,000 denomination notes continue to be legal tender.

On 19 May this year, RBI had announced the withdrawal of Rs 2,000 denomination banknotes from circulation.

"The total value of Rs 2000 banknotes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 9,760 crore as at the close of business on November 30, 2023," the RBI said in a statement on Friday.

"Thus, 97.26 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," it added.

"The Rs 2000 banknotes continue to be legal tender," the central bank said.

The facility for deposit or exchange of the Rs 2000 banknotes was available at all bank branches in the country initially upto 30 September 2023, which was later extended upto 7 October.

The exchange facility was also available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) from 19 May.

From 9 October 2023, RBI Issue Offices, in addition to exchanging Rs 2,000 denomination banknotes across the counters, are also accepting Rs 2,000 banknotes from individuals/entities for deposit to their bank accounts.

Further, members of the public from within the country can send Rs 2000 banknotes through India Post from any post office in the country, to any of the RBI Issue Offices for credit to their bank accounts in India, the RBI said.