The Reserve Bank of India (RBI) has overseen the substantial return of the Rs 2,000 banknotes ($1 = Rs 83.4), which were initially introduced following demonetization in late 2016. As of November 30, 2023, the RBI reported a remarkable return rate of over 97%, with the total value of notes still in circulation standing at Rs 9,760 crore. This return rate has been achieved after the RBI maintained the legal tender status of the Rs 2,000 notes and provided various avenues for the public to deposit or exchange these notes.
The RBI initiated the withdrawal of the Rs 2,000 denomination banknotes on May 19, 2023, which at that time amounted to a value of Rs 3.56 lakh crore. The central bank extended the initial deadline for depositing or exchanging the notes from the end of September to early October. By the second week of October, banks and RBI Issue Offices had already seen a significant number of these notes returned.
To facilitate the process, the RBI made deposit and exchange services available at its Issue Offices, allowing for the crediting of both personal and business accounts. In addition to the banking network, India Post offered services to send the Rs 2,000 banknotes directly to RBI Issue Offices for deposit into Indian bank accounts.
Despite the phased withdrawal, these high-value banknotes continue to retain their legal tender status. The network of 19 RBI Issue Offices across the country remains available for the public to deposit or exchange their Rs 2,000 notes.
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