Rs 2000 notes continue to circulate two years post-ban; possessors may face action

NEW DELHI: The Reserve Bank of India (RBI) has said that Rs 2000 currency notes, worth Rs 5,817 crore, are still in circulation. The RBI said this in a statement released the other day. On May 19, 2023, the RBI had announced the withdrawal of Rs 2000 notes from circulation. At that time, Rs 3.56 lakh crore worth of Rs 2,000 notes were in circulation across the country. According to the latest figures released by the RBI at the end of last month, the amount has now come down to Rs 5,817 crore.

After the withdrawal announcement, the RBI had arranged facilities for the public to exchange or deposit their Rs 2000 notes. People were also allowed to send the notes by post to the RBI's issue offices for exchange.

RBI issue offices are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananathapuram. Citizens who still possess Rs 2000 notes are advised to contact their nearest RBI regional office for guidance on the current exchange procedures. The RBI has warned that using the withdrawn notes without following proper procedures may lead to strict action.

Over the years, the Central Government has made several changes related to currency. One of the most significant was the demonetisation in November 2016, when Prime Minister Narendra Modi announced at 8 pm on November 8 that Rs 500 and Rs 1,000 notes would be withdrawn from circulation. The decision aimed to curb black money and counterfeit currency.