Two Months After RBI’s Decision to Withdraw Rs 2000 Notes, 2.7% Still in Circulation

Two months after the Reserve Bank of India (RBI) announced the withdrawal of Rs 2000 notes on May 19, 2023, there is still 2.7% of these notes lingering in the market. The last date for depositing or exchanging these notes in banks was October 7, 2023.

According to RBI data, on the day of the withdrawal announcement, there were Rs 3.56 lakh crore worth of Rs 2000 notes in circulation. Fast forward to November 30, and approximately Rs 9,760 crore worth of these notes are still in circulation, constituting 2.7% of the initial amount.

The process of exchanging Rs 2000 notes is still ongoing, and individuals can utilize the services of 19 designated issue offices of RBI for this purpose. It’s worth noting that even after the official deadline for depositing or exchanging Rs 2000 notes has passed, individuals can still make the exchange at these issuing offices or deposit them directly into their bank accounts. Each transaction allows the exchange of up to 10 notes of Rs 2000 at a time.

Moreover, people have the option to send their Rs 2000 notes to the RBI through India Post. The designated issue offices for this service are located in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. This provides a convenient option for common citizens to deposit their Rs 2000 notes even after the official deadline through India Post services.


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