RBI's Withdrawal of ₹2000 Banknotes: Key Facts and Updates
| Topic | Details |
|---|---|
| Why in News? | As of Dec 31, 2024, ₹6,691 crore worth of ₹2000 notes remain in circulation, just 1.88% of the initial ₹3.56 lakh crore. RBI announced withdrawal on May 19, 2023, and 98.12% of the notes have been returned. Deposit/exchange at banks ended on Oct 7, 2023, but continues at RBI's 19 Issue Offices and via India Post. ₹2000 notes remain legal tender. |
| ₹2000 Note Introduction | Launched on Nov 10, 2016, under Section 24(1) of RBI Act, 1934, after demonetization of ₹500 and ₹1000 notes. |
| Reason for Withdrawal | RBI's "Clean Note Policy," declining usage, and 89% of notes reaching lifespan of 4-5 years. |
| Withdrawal Announcement | May 19, 2023 |
| Deadline for Exchange at Banks | October 7, 2023 |
| Current Exchange Options | RBI's 19 Issue Offices, India Post (via mail deposit) |
| Legal Tender Status | ₹2000 notes remain legal tender despite withdrawal. |
| Total ₹2000 Notes Withdrawn | 98.12% of ₹3.56 lakh crore returned to the banking system. |
| Exchange & Deposit Facility Start at RBI Offices | October 9, 2023 |
| RBI Act Reference | Section 24(1) of the RBI Act, 1934 |
| Current RBI Governor | Sanjay Malhotra |