The Reserve Bank of India (RBI) issued an official announcement through press release 2023-2024/257, dated May 19, 2023, regarding the discontinuation of ₹2000 denomination banknotes from circulation. Subsequently, the RBI has been providing regular updates on the progress of this withdrawal. As an update to the public, the RBI has informed that 97% of Rs. 2000 notes have returned back.
Initially, the opportunity to deposit and exchange ₹2000 banknotes was available at all bank branches across the nation until September 30, 2023. This deadline was later extended to October 07, 2023. Additionally, from May 19, 2023, the option to exchange ₹2000 banknotes was also made available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices).
Starting from October 09, 2023, these RBI Issue Offices not only facilitated the exchange of ₹2000 denomination banknotes over the counter but also began accepting ₹2000 banknotes from individuals and entities for deposit into their bank accounts. Furthermore, residents of India have the option to send ₹2000 banknotes through India Post from any post office in the country to any of the RBI Issue Offices for crediting to their bank accounts, with the necessary application format provided.
The total value of ₹2000 banknotes in circulation was ₹3.56 lakh crore as of May 19, 2023, when the withdrawal process commenced. By the end of business on October 31, 2023, this value had significantly reduced to ₹0.10 lakh crore. As a result, over 97% of the ₹2000 banknotes in circulation as of May 19, 2023, have been returned.
It’s essential to note that the window for depositing and exchanging ₹2000 banknotes is still accessible at the 19 Issue Offices of the RBI. The public is encouraged to take advantage of the convenient option of sending ₹2000 banknotes through India Post, which eliminates the need to travel to RBI Offices for depositing or exchanging these banknotes.
Despite the withdrawal, ₹2000 banknotes continue to be recognized as legal tender in the country.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
