Important Facts of the News
- Rs 5,817 crore worth of Rs 2000 notes remain in circulation.
- Rs 2000 notes were withdrawn from circulation on 19 May 2023.
- At the time of withdrawal, Rs 3.56 lakh crore worth of these notes were in circulation.
- Exchange facility for Rs 2000 notes is available at 19 RBI regional issue offices.
The Reserve Bank has shared a new update regarding the presence of Rs 2000 denomination notes in the market. A recent data release states that currency worth Rs 5,817 crore in this denomination is still circulating across the country. This figure reflects the amount of such notes that have not yet been returned or exchanged by the public.
Decision to Withdraw the Note
On 19 May 2023, the decision was taken to withdraw the Rs 2000 note from public use. At that point, the total value of this particular currency circulating within the economy stood at Rs 3.56 lakh crore. After the withdrawal announcement, people were allowed to present these notes for deposit or exchange through the banking system.
Where the Notes Can Still Be Exchanged
Although the note is no longer issued or circulated, individuals who still possess Rs 2000 notes can exchange them. The facility to exchange this denomination remains available at 19 regional issue offices of the Reserve Bank. People may visit these offices to complete the exchange process. However, the note is no longer used in regular transactions and is not printed anymore.
Public Response and Currency Flow
Since the withdrawal announcement, most of the currency in this denomination has returned to the banking framework. The remaining amount signifies the portion that either continues to be held by individuals or has not yet entered the formal exchange process.
The circulation value now stands significantly lower compared to the original amount, highlighting the effective withdrawal of this note from daily financial activities.