RBI Reports 98% Return of ₹2,000 Notes
The Reserve Bank of India (RBI) reported that 98% of ₹2,000 denomination notes have been returned since its May 2023 move to withdraw them. Originally worth ₹3.56 lakh crore, the value of remaining notes is ₹7,117 crore. Despite withdrawal, notes are still legal tender and can be exchanged.
- Country:
- India
The Reserve Bank of India (RBI) announced on Tuesday that a substantial 98% of ₹2,000 denomination notes have returned following the central bank's decision in May 2023 to withdraw them.
The total value of these notes has plummeted to ₹7,117 crore from ₹3.56 lakh crore on May 19, 2023, the RBI noted. '98% of the ₹2,000 banknotes in circulation as of May 19, 2023, have been returned,' stated the central bank.
On May 19, 2023, the RBI took a surprise step to withdraw ₹2,000 currency notes, citing quality concerns. Introduced after the November 2016 demonetisation, the notes had served their purpose. Despite the withdrawal, ₹2,000 notes remain legal tender and can be exchanged at 19 RBI issue offices or sent by post for bank account credit.
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