This is called demonetization where a specific currency is withdrawn from circulation. The legal tender currency is similarly withdrawn by the Reserve Bank of India from circulation, while it has announced the withdrawal of the Rs 2000 note from circulation. This notice was issued for information regarding the withdrawal of Rs 2000 from circulation on May 19, 2023, as said in India. Afterwards, people were advised to deposit such notes in their respective banks or to have them substituted for notes of other denominations.
2000 Rupee notes Out of circulation
From the 2000 note, it has been more than a year since the ban in India, but it has not yet returned all notes. Currently, there are 3 crore 46 lakh such notes in existence in the market. That is, while ₹2000 notes are now officially out of circulation, all ₹2000 notes which were previously present in the market have not yet been returned.
The same was placed on record by the Minister of State for Finance, responding to the query in Parliament. Responding to this question, Mr. Pankaj Chaudhary, Minister of State for Finance, added that the ₹2000 denomination notes were issued by the Reserve Bank of India in November, 2016.
How many notes were returned
According to the data, there were 32,850 lakh banknotes of 2000 rupees in circulation up to March 31, 2017. While 33,632 lakh banknotes returned to the circulation by March 31, 2018. Let me remind you; On May 19, 2023, when the Reserve Bank of India made the notification of withdrawal of 2000 notes, in that moment there existed 17,793 lakh pieces of 2000 banknotes in circulation across the markets. Post the announcement issued by the RBI, the total number of all returned banknotes counted till November 15, 2024.
2000 Rupee notes are still in the market
From data, it was found that till 15 November 2024, 3 crores, 46 lakhs of bank-notes of ₹2000 were still in circulation. Minister of States for Finance said that those people who are still holding ₹2000 notes; the facility of changing and depositing ₹2000 banknotes is under progress and can be carried out in 19 offices of RBI.
How to exchange these notes
So, if anyone possesses a ₹2000 currency, those, who want their ₹2000 note changed, can send it through India Post to any of the 19 offices of RBI with the request of deposit in the bank account against ₹2000 note. After the note is received in the bank, the amount will be credited to the senders account.
