₹2000 denomination Banknotes
Reserve Bank of India announced on 2 May 2024 that 97.76% of the ₹2000 banknotes in circulation as of May 19, 2023, have since been returned and the ₹2000 banknotes continue to be legal tender. The total value of ₹2000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹7961 crore at the close of business on April 30, 2024
The Reserve Bank of India issued the 2000 rupee note on 8 November 2016, as part of the government’s effort to combat corruption, eliminate black money, and deter counterfeit currency. Simultaneously, the government declared the demonetization of the existing 500 and 1000 rupee notes. This move aimed to render the old notes invalid, disrupting illicit activities and encouraging a transition towards digital transactions.
At the outset, the circulation of the 2000 rupee note faced constraints owing to the demonetization drive and the subsequent adjustment of ATMs and cash distribution networks. Nevertheless, as the transition progressed, the note gradually gained broader availability for circulation.
On 20 May 2023, the Reserve Bank of India announced its decision to withdraw the ₹2,000 notes from circulation. Despite this, the notes will remain legal tender and can be exchanged or deposited in bank accounts until 30 September 2023, after which the banknote was demonetized.
