The RBI reports that 96.76% of the Rs 2,000 currency notes were returned

97.76% of the Rs 2,000 currency notes that have been in circulation since May 19, 2023, have been reintegrated into the financial system, according to data released by the Reserve Bank of India (RBI) on May 2. According to RBI data, the overall value of Rs 2,000 banknotes decreased dramatically from Rs 3.56 lakh crore in May 2023 to barely Rs 7,961 crore by April 30, 2024, indicating a considerable reduction.

Policy for clean notes
As part of its clean note policy drive, the RBI removed high-value Rs 2,000 banknotes in an effort to simplify currency circulation.

Exchange infrastructure
Up to October 7, 2023, Rs 2,000 banknotes may be exchanged and deposited at any bank branch. Individuals and organizations have been able to exchange these notes at 19 RBI Issue Offices from May 19, 2023.

Postal deposits
Individuals and organizations may now deposit Rs 2,000 banknotes into their bank accounts at RBI Issue Offices as of October 9, 2023. Furthermore, any RBI Issue Office may receive banknotes of Rs 2,000 from the general public in the nation via India Post, which can then be credited to their accounts.

Contextual history
The Rs 2,000 banknotes were introduced in November 2016 to help fulfill the economy’s cash requirements more quickly after the removal of the Rs 500 and Rs 1,000 notes. They were useful until other denominations were sufficiently accessible. As a result, in 2018–19, the printing of Rs 2,000 banknotes stopped.

Status of legal tender
The RBI has said that Rs 2,000 banknotes would continue to be accepted in transactions even after their circulation has decreased and they are no longer being printed.