The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes has been periodically published by the RBI.  2. The facility for deposit and / or exchange of the ₹2000 banknotes was available at all bank branches in the country initially upto September 30, 2023, which was later extended upto October 07, 2023.

The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes has been periodically published by the RBI.

2. The facility for deposit and / or exchange of the ₹2000 banknotes was available at all bank branches in the country initially upto September 30, 2023, which was later extended upto October 07, 2023.

The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. In order to complete the exercise in a time bound manner and to provide adequate time to members of the public, the banks were advised to provide deposit and / or exchange facility for ₹2000 banknotes until September 30, 2023. The exchange facility was also made available at the 19 Regional Offices (ROs) of RBI having Issue Departments (RBI Issue Offices)1. The RBI has been keeping members of the public informed about the status of the withdrawal exercise through monthly Press Releases.

The Reserve Bank of India had announced the withdrawal of ₹2000 banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The total value of ₹2000 banknotes in circulation, which amounted to ₹3.62 lakh crore on March 31, 2023 had declined to ₹3.56 lakh crore as at the close of business on May 19, 2023. The status of withdrawal of ₹2000 banknotes as at July end was published by the RBI vide Press Release No. 2023-2024/682 dated August 01, 2023.

According to the data received from the banks, the total value of ₹2000 banknotes received back from circulation is ₹3.32 lakh crore up to August 31, 2023. Consequently, ₹2000 banknotes in circulation as at the close of business on August 31, 2023 stood at ₹0.24 lakh crore. Thus, 93% of the ₹2000 banknotes in circulation as on May 19, 2023, have since been returned.

Data collected from major banks indicates that out of the total banknotes in ₹2000 denomination received back from circulation, about 87% is in the form of deposits and the remaining around 13% has been exchanged into other denomination banknotes.

Members of the public are requested to utilise the remaining period until September 30, 2023 to deposit and/or exchange the ₹2000 banknotes held with them.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/851

The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time. The objective of introducing ₹2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of ₹2000 banknotes was stopped