By A Staff Reporter
In a significant update, the Reserve Bank of India (RBI) announced that 98% of the ₹2000 banknotes in circulation have been returned since the withdrawal of these notes was declared on May 19, 2023. At the time of the announcement, the total value of ₹2000 notes in circulation stood at ₹3.56 lakh crore. As of the close of business on September 30, 2024, this figure has sharply declined to ₹7117 crore.
The RBI emphasized that despite the substantial withdrawal, the ₹2000 denomination notes will continue to remain legal tender. This means that the notes can still be used for transactions, although they are no longer being issued by the central bank.
The withdrawal process was part of a broader strategy to phase out higher denomination currency notes and encourage digital payments while continuing efforts to reduce the circulation of black money. The return of such a large proportion of the ₹2000 notes marks a successful step in that direction.
The RBI's announcement also reassures the public that any remaining ₹2000 notes can still be deposited or exchanged at banks, reaffirming that there is no immediate need for concern over their legal status.
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