The Great Rs 2,000 Banknote Return: RBI's Efficient Retrieval

The Reserve Bank of India announced that 98.08% of the Rs 2,000 banknotes have been returned to the banking system. Initially introduced in 2016, these notes were withdrawn on May 19, 2023. Facilities for their deposit and exchange continue at RBI branches and through India Post.

On Monday, the Reserve Bank of India declared that an impressive 98.08% of the Rs 2,000 banknotes have re-entered the banking system. This strategic financial move reflects a significant retrieval following the withdrawal announcement from May 19, 2023.

At the time of announcement, approximately Rs 3.56 lakh crore worth of these Rs 2,000 notes were in circulation. However, as of November 29, 2024, the figure has dramatically decreased to just Rs 6,839 crore, illustrating the public's commitment to return the notes.

Facilities for exchanging or depositing Rs 2,000 notes were available at bank branches until October 7, 2023, and remain accessible at 19 RBI issue offices. The banknotes continue as legal tender, underscoring the RBI's flexible yet rigorous monetary policy.

(With inputs from agencies.)