Key Highlights
- 98.12% of the ₹2,000 denomination notes issued earlier have been surrendered to the banking system.
- As of 31 December 2024, ₹6,691 crore of these notes remain in private hands.
- Initial exchange window closed on 7 October 2023; thereafter, only 19 RBI issue offices accepted deposits.
- Public can still submit the remaining notes at any of the designated RBI offices across the country.
Detailed Insights
The Reserve Bank of India (RBI) initiated the withdrawal of the ₹2,000 banknote on 19 May 2023, when the stock in circulation amounted to approximately ₹3.56 lakh crore. A structured programme allowed holders to either deposit the notes at any commercial bank branch or exchange them up to 7 October 2023. After this deadline, the RBI confined the redemption facility to its 19 issue offices located in major metros such as Ahmedabad, Bengaluru, Chennai, Delhi, and others. By the close of 2024, the RBI reported that only ₹6,691 crore worth of notes—representing roughly 1.88% of the original issue—were still retained by the public, signifying a substantial contraction of the high‑value denomination from active circulation.
Key Concepts
- Withdrawal (वापसी): The formal process by which a currency denomination is removed from legal tender status.
- Issue Office (जारी करने का कार्यालय): Designated RBI branches authorized to receive, verify, and process withdrawn notes.
- Denomination (नोटों का मूल्य): The face value of a banknote, here specifically ₹2,000.