RBI Updates on Rs 2,000 Notes Most Returned But Still Legal Tender

It also publishes return data on the scrapped Rs 2,000 currency notes. So far, as of December 31, 2024, an impressive 98.12% of the issued Rs 2,000 currency notes have been returned to the banking system, and this is significant as it means that there is a large number of these banknotes that get deposited after the demonetization process, which began in May 2023.

Remaining Banknotes End

Although the majority of the notes have been returned, a small percentage is still in circulation. As per RBI’s data, Rs 6,691 crore worth of Rs 2,000 notes are still in circulation in the market. One can post his or her Rs 2,000 note to any of the RBI offices by using India Post. This will be a convenient and accessible facility for those who cannot personally visit an RBI office.This is a very small percentage compared to the initial volume of 3.56 lakh crore notes issued.

Options for Returning Rs 2,000 Notes

In withdrawing, Rs 2,000 notes are, after all, still in circulation and the law considers these notes to remain valid legal tenders. They are still permitted to be turned over, however. Banks don’t accept returns at branches now but there remain 19 regional RBI offices, across India’s cities and villages, which welcome exchange or deposits.

Postal Services for Note Return

In addition, the RBI has facilitated the return of notes through postal services. One can post his or her Rs 2,000 note to any of the RBI offices by using India Post. This will be a convenient and accessible facility for those who cannot personally visit an RBI office.

Background and Significance

Rs 2,000 notes were introduced after the big demonetization of Rs 1,000 and Rs 500 banknotes in November 2016. The withdrawal of Rs 2,000 notes is another landmark event in the currency management of India. Disclaimer: This article is general in nature and cannot be taken as financial advice. Please refer to official RBI sources for the latest information and guidance.

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