Rs 6,970 crore worth Rs 2,000 notes yet to return to RBI

“The Rs 2,000 banknotes continue to be legal tender,” the RBI said.

According to the RBI, the facility for exchange of the Rs 2,000 banknotes is available at the 19 issue offices of the Reserve Bank since May 19, 2023. “From October 09, RBI issue offices are also accepting Rs 2,000 banknotes from individuals/ entities for deposit into their bank accounts. Further, members of the public are sending Rs 2,000 banknotes through India Post from any post office within the country, to any of the RBI issue offices for credit to their bank accounts,” the RBI said.

Earlier, the facility for deposit and/ or exchange of the Rs 2,000 banknotes was available at all bank branches in the country up to October 7, 2023.

The Rs 2,000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs 500 and Rs 1,000 banknotes in circulation at that time. “The objective of introducing Rs 2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of Rs 2,000 banknotes was stopped in 2018-19,” the RBI earlier said.