September 4, 2024: The Reserve Bank of India (RBI) has provided important information regarding the ₹2000 notes. The RBI has stated in its latest announcement that ₹2000 notes have not been withdrawn and their validity is intact. Therefore, individuals who still have ₹2000 notes should not consider them invalid. They can use the available options to either exchange these notes or deposit them into their bank accounts.
Last year, the RBI had removed ₹2000 notes from circulation and advised people to either deposit them into their accounts or exchange them for other currency. On May 19, 2023, the RBI issued its first release clarifying the status of these notes. Since then, the RBI has been continuously providing updates on the status of ₹2000 notes.
When did the exchange process begin?
After May 19, 2023, the RBI issued several statements regarding ₹2000 notes. On October 9, 2023, the RBI started the process of exchanging ₹2000 notes and depositing them into customer accounts at 19 of its offices. Additionally, people were given the facility to send ₹2000 notes to RBI offices via India Post. This allows people to send these notes from any post office in the country and deposit them into their accounts.
What has the RBI said now?
On September 1, 2024, the RBI once again issued an update on ₹2000 notes. As of August 30, 2024, a total of ₹3.56 lakh crore worth of ₹2000 notes have been returned to the banking system. Currently, only ₹7,261 crore worth of notes are still in circulation. This means that 97.96% of the total value of banknotes has been returned to the system.
Notes are still fully valid
The RBI has stated that although ₹2000 notes have been withdrawn from circulation, their validity remains fully intact. This means that these notes have not been declared as invalid or illegal. The RBI will continue the process and facility for exchanging these notes to ensure people can easily convert their money.
