₹5,817 Crore in ₹2000 Notes Still with the Public! RBI Reveals Latest Data

2000 Rupee Note: The ₹2000 banknote is back in the spotlight as the Reserve Bank of India (RBI) has released crucial new data. In a significant disclosure, the central bank revealed that ₹2000 notes worth a staggering ₹5,817 crore are still in the possession of the public or circulating in the market, nearly a year and a half after their withdrawal was announced.

RBI’s Latest Revelation on Currency Circulation

In a statement issued on Saturday, the RBI provided a clear picture of the withdrawal process. When the decision to pull the ₹2000 notes from circulation was made on May 19, 2023, the total value of these notes in the economy was ₹3.56 lakh crore. As of the latest update, this figure has plummeted to just ₹5,817 crore.

This indicates that an overwhelming 98.37% of the ₹2000 banknotes have successfully returned to the banking system. While this marks a huge success for the withdrawal exercise, the remaining amount highlights that a considerable volume of the high-denomination currency is yet to be accounted for.

Are ₹2000 Notes Still Valid?

The RBI has emphatically clarified that the ₹2000 banknote continues to be legal tender. This means you can still use it for transactions, and it cannot be legally refused. However, the central bank has stopped printing these notes, and commercial banks have been instructed not to reissue them to the public once they are deposited. The aim is to phase them out of the economy gradually.

How to Deposit or Exchange Your Old Notes

For those who still possess these notes, the RBI has kept the window open for deposit and exchange. This facility has been available at 19 of the RBI’s regional offices since May 19, 2023.

To make the process even more convenient, especially for people in remote areas, the RBI introduced a facility from October 9, 2023. Citizens can now send their ₹2000 notes through India Post to any of the designated RBI Issue Offices and have the equivalent amount credited directly to their bank accounts.

Below is the list of RBI offices where you can exchange or deposit the notes:

Where Could the Remaining Notes Be?

The question of where the outstanding ₹5,817 crore is located remains a topic of speculation. Financial experts suggest several possibilities:

• Rural and Remote Areas: A significant portion could be stuck in rural areas with limited banking access.
• Cash-Based Businesses: Some small, cash-intensive businesses might still be holding onto the notes.
• Souvenirs and Collectors: A number of people may have chosen to keep the notes as a collectible item or a souvenir of this unique denomination.

The RBI has assured that it will continue to provide periodic updates on the status of the returned banknotes. Citizens are advised to deposit or exchange any remaining ₹2000 notes at the earliest to avoid any future inconvenience.