As of the end of July 2024, approximately 2.08 percent of the Rs 2,000 banknotes that were withdrawn from circulation have not yet been returned to the Reserve Bank of India (RBI). This amounts to about Rs 7,409 crore.
Despite the passing of the deadline to deposit or exchange these high-value notes, the majority have been successfully returned, with 97.92 percent of their total value now back in the banking system.
The RBI initially decided to withdraw the Rs 2,000 banknotes on May 19, 2023, when their total value in circulation was Rs 3.56 lakh crore. The deadline for the public to deposit or exchange these notes at bank branches was October 7, 2023.
Although the general deadline has passed, people can still deposit or exchange their Rs 2,000 notes at any of the 19 RBI issue offices located in major cities across India.
These 19 RBI issue offices are situated in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. For those unable to visit these offices, there is an option to send Rs 2,000 banknotes through India Post from any post office to any of the RBI issue offices for credit to their bank accounts.
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It is important to note that Rs 2,000 banknotes remain legal tender, meaning they are still valid for transactions. The Rs 2,000 note was introduced in November 2016 to quickly replenish the economy with currency after the withdrawal of the Rs 500 and Rs 1,000 notes.
The primary goal of introducing these high-value notes was achieved once other denominations became sufficiently available. Consequently, the printing of Rs 2,000 banknotes was halted in the financial year 2018-19.
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