RBI’s ₹2,000 note withdrawal reaches 97.87%; banknotes worth ₹7,581 crore remain in circulation

The Reserve Bank of India (RBI) on Monday, July 1, said the withdrawal of ₹2,000 denomination banknotes reached 97.87 per cent as of June 28.

On May 19, 2023, the central bank announced the withdrawal of the ₹2,000 currency note denomination. According to a central bank release, the total amount floating in the said denomination in the country at that time was ₹3.56 lakh crore.

At present, an amount of ₹7,581 crore in the said denomination is remaining in circulation, as per the June data updated by the RBI on its website on Monday.

The total amount remaining to be withdrawn from the system was reduced by 2.29 per cent compared to last month's data release. In May 2024, the total amount remaining for withdrawal was ₹7,755 crore. The remaining notes floating in the system continue to be legal tender.

Since the note withdrawal announcement, the provision to exchange ₹2,000 banknotes has been available for public access at 19 Issue Offices of the Reserve Bank of India.

The RBI started accepting ₹2,000 banknotes from individuals or entities for deposit into their bank accounts in October 2023. People can also send their notes through India Post from their nearest post office within the country to any issue office of the central bank to transfer the amount to their bank accounts.

The same facility for depositing or exchanging the ₹2,000 notes was available at all bank branches in the country until October 7, 2023.