The Reserve Bank of India (RBI) said on July 1, 2024, Monday, that by June 28, 2024, the total value of Rs 2000 banknotes in circulation had decreased to Rs 7,581 crore from Rs 3.56 lakh crore on May 19, 2023. This indicates that 97.87% of the Rs 2000 banknotes have been returned to the banking system.

On May 19, 2023, the Reserve Bank of India (RBI) declared its intention to remove the Rs 2000 denomination banknotes from circulation.

The RBI stated that only Rs 7,581 crore worth of the withdrawn notes are still in the public’s possession. The deadline for depositing and exchanging the Rs 2000 banknotes at bank branches was October 7, 2023.

Since then, the option to exchange these banknotes has been available at the Reserve Bank’s 19 issue offices, and from October 9, 2023, RBI issue offices have also been accepting these banknotes for deposit into individuals’ and entities’ bank accounts.

Public members can also dispatch Rs 2000 banknotes through India Post from any post office within the country to any RBI issue offices for credit to their bank accounts.

The RBI issue offices that handle the depositing/exchanging of the banknotes are situated in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

The Rs 2000 banknotes were introduced in November 2016 after demonetising the Rs 1000 and Rs 500 banknotes.