By A Staff Reporter
Mumbai: The Reserve Bank of India (RBI) has announced a substantial reduction in the number of Rs 2000 banknotes in circulation since their withdrawal was announced on May 19, 2023. At that time, the total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore. As of the close of business on August 30, 2024, this figure has declined dramatically to Rs 7261 crore.
According to the RBI, this reduction represents 97.96% of the Rs 2000 banknotes that were in circulation as of May 19, 2023. The substantial return of these high-denomination notes indicates widespread compliance with the withdrawal directive issued by the central bank.
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Despite the significant reduction in circulation, the RBI has clarified that Rs 2000 banknotes will continue to be considered legal tender. This means they remain valid for transactions and can be used in the market until further notice.
The move to withdraw Rs 2000 banknotes from circulation is part of the RBI's broader strategy to streamline currency in circulation and curb black money and counterfeit currency issues. The central bank is expected to provide further updates regarding the status of these notes as the situation develops.
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