The Gradual Phase-Out: Rs 2,000 Note's Journey

The Reserve Bank of India reveals that Rs 2,000 notes worth Rs 5,817 crore remain in circulation despite their phased withdrawal announced on May 19, 2023. While these notes are still legal tender, the public can deposit them via banks, RBI offices, or post offices.

The Reserve Bank of India (RBI) reported on Saturday that Rs 2,000 banknotes worth Rs 5,817 crore are still being circulated, even after plans for their withdrawal were disclosed on May 19, 2023.

Despite new measures, including exchange facilities at RBI's 19 issue offices and deposit options at banks via post, Rs 2,000 notes remain legal tender, although most have already been removed from circulation.

The RBI has undertaken periodic status checks since the withdrawal announcement, noting a significant decline from Rs 3.56 lakh crore in circulation to the current figure.

(With inputs from agencies.)