‘Rs 2,000 notes continue to be legal tender’: RBI’s latest update on withdrawn currency

Categories: News, RBI

The Reserve Bank of India (RBI) on Wednesday said Rs 2,000 banknotes continue to be a legal tender and that people can deposit the currency through any post office in the country. The central bank, which announced the withdrawal of the currency in May this year, said that more than 97 per cent of the banknotes had returned.

“The window for deposit and/or exchange the Rs 2000 banknotes continues to be available at the 19 Issue Offices of RBI,” the central bank said in a statement. 

People are requested to avail the facility of sending Rs 2,000 banknotes through post offices of India Post, the RBI said, adding that this will obviate the need for travel to RBI offices for deposit or exchange of the currency.

In May this year, the central bank announced the withdrawal of Rs 2,000 bank notes from circulation. The facility for deposit and exchange of the currency was available at all bank branches in the country initially up to September 30, which was later extended up to October 7. 

The facility for the exchange of the Rs 2,000 banknotes was also available at the 19 issue offices of the RBI from May 19, 2023. From October 9, the RBI issue offices, in addition to exchanging Rs 2000 denomination banknotes across the counters, are also accepting the banknotes from individuals and entities for deposit to their bank accounts. 

“…public from within the country can send ₹2000 banknotes through India Post from any post office in the country to any of the RBI Issue Offices for credit to their bank accounts in India,” the statement said.

The total value of Rs 2,000 banknotes in circulation, which amounted to Rs 3.56 lakh crore on May 19 when the withdrawal was announced, declined to Rs 0.10 lakh crore on October 31, 2023. 

Source from: https://www.businesstoday.in/industry/banks/story/rs-2000-notes-continue-to-be-legal-tender-rbis-latest-update-on-withdrawn-currency-404182-2023-11-01