RBI Announces Significant Return of Rs 2000 Notes

The Reserve Bank of India (RBI) has made a significant announcement regarding the Rs 2000 banknotes. As of December 31, 2024, a staggering 98.12% of the notes have been returned to the banking system, leaving only Rs 6,691 crore worth of notes still with the public. This marks a dramatic decrease from the Rs 3.56 lakh crore in circulation at the time of their demonetization on May 19, 2023.

The facility for exchanging or depositing these notes was available at all bank branches until October 7, 2023. However, the RBI continues to accept Rs 2000 notes at its 19 issue offices across the country. Additionally, the public has the option to send these notes via India Post to any RBI issue office for credit to their accounts.

Despite being withdrawn from circulation, the Rs 2000 notes remain legal tender. The RBI's decision to introduce these notes in November 2016 followed the demonetization of the Rs 1000 and Rs 500 notes, marking a significant moment in India's financial history.