Withdrawal of Rs 2000 notes: Utilise next 2 months & avoid rush, RBI advises public

The Reserve Bank of India (RBI) on Tuesday urged public to utilize the next two months to deposit and/or exchange the Rs 2000 banknotes held with them to avoid any rush in the last few days before the deadline.

People can deposit Rs 2000 notes in their account or exchange them before September 30, 2023.

It is pertinent to mention here that the RBI had announced the withdrawal of the Rs 2,000 banknotes from circulation through a notification issued on May 19, 2023.

The total value of Rs 2000 banknotes in circulation, which amounted to Rs 3.62 lakh crore on March 31, 2023 had declined to Rs 3.56 lakh crore as at the close of business on May 19, 2023.

On July 3, the RBI had published the status of withdrawal of Rs 2000 banknotes. According to the data received from the banks, the total value of Rs 2000 banknotes received back from circulation is Rs 3.14 lakh crore up to July 31, 2023. Consequently, Rs 2000 banknotes in circulation as of the close of business on July 31 stood at Rs 0.42 lakh crore.

Thus, 88% of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned.