**Summary:**
This circular, reference number RBI/2023-24/64 DCM(Plg) No. S1288/10.27.002023-24 dated September 30, 2023, issued by the Reserve Bank of India (RBI), addresses the withdrawal of ₹2000 denomination banknotes from circulation.
The circular provides an update on the return of the banknotes. As of May 19, 2023, ₹3.56 lakh crore of ₹2000 banknotes were in circulation. As of September 29, 2023, ₹3.42 lakh crore had been received back, leaving ₹0.14 lakh crore in circulation, indicating a return rate of 96%.
Initially set to expire, the RBI has extended the arrangement for deposit and exchange of ₹2000 banknotes until October 7, 2023. Banks are instructed to continue submitting daily data on these transactions in the format previously prescribed.
Effective October 8, 2023, banks are directed to cease accepting ₹2000 banknotes for credit to accounts or exchange. However, the circular clarifies that ₹2000 banknotes will continue to be accepted for deposit or exchange at the 19 Regional Offices of RBI having Issue Departments.
All previous instructions issued under para 3A of circular DCM(Plg)No.S 236/10.27.00/2023-24 dated May 19, 2023, remain in effect. Banks are required to deposit ₹2000 banknotes collected by their branches by October 7, 2023, at currency chests on or before October 13, 2023. The ₹2000 banknote remains legal tender.
Banks are instructed to display a copy of the Press Release in banking halls and ATM kiosks for public information and to issue suitable instructions to their branches.
The circular is issued by Suman Ray, Chief General Manager-in-Charge, Department of Currency Management, Central Office, Reserve Bank of India. The Department can be contacted at 4th Floor, Amar Building, Sir P. M. Road, Post Box No. 1379, Mumbai – 400 001, India; Tel: 91-22-2260 3000/4000; Fax: 91-22-2266 2442; Email: cgmincdcm@rbi.org.in.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank of India, the issuer of the circular.
2000 Denomination Banknotes: Banknotes of 2000 denomination which are subject of withdrawal from circulation.
DCMPlgNo.S236/10.27.002023-24: Reference number of the RBI circular dated May 19, 2023 regarding withdrawal of 2000 banknotes.
DCMPlgNo.S239/10.27.002023-24: Reference number of the RBI circular dated May 22, 2023 regarding withdrawal of 2000 banknotes.
October 7, 2023: The extended date until which banks could accept deposits and exchange of 2000 banknotes.
October 8, 2023: The date from which banks shall stop accepting 2000 banknotes for credit to accounts or exchange.
RBI Issue Offices: 19 Regional Offices of RBI having Issue Departments where 2000 banknotes can be presented for credit or exchange after October 8, 2023.
Mumbai, Maharashtra: Location of the Department of Currency Management, Central Office of RBI.
www.rbi.org.in
RBI/2023-24/64
DCM(Plg) No. S-1288/10.27.00/2023-24 September 30, 2023
The Chairman / Managing Director / Chief Executive Officer
All Banks
Madam / Dear Sir,
₹2000 Denomination Banknotes – Withdrawal from Circulation – Review
A reference is invited to our circulars DCM(Plg)No.S-236/10.27.00/2023-24 dated May
19, 2023 and DCM(Plg)No.S-239/10.27.00/2023-24 dated May 22, 2023 on the
subject.
2. Of the total value of ₹3.56 lakh crore of ₹2000 banknotes in circulation as on May
19, 2023, ₹3.42 lakh crore has been received back leaving only ₹0.14 lakh crore in
circulation as at the close of business on September 29, 2023; thus, 96% of ₹2000
banknotes in circulation as on May 19, 2023 has since been returned.
3. As the period specified for the withdrawal has come to an end, and based on a
review, it has been decided to extend the current arrangement for deposit / exchange
of ₹2000 banknotes until October 07, 2023. A Press Release in the matter has been
issued. Banks shall continue to maintain daily data on deposit / exchange of ₹2000
banknotes in the format prescribed vide circular dated May 22, 2023 referred to above
and submit the same to RBI.
4. With effect from October 8, 2023, banks shall stop accepting ₹2000 banknotes
for credit to accounts or exchange to other denomination banknotes.
5. ₹2000 banknotes shall continue to be allowed to be presented at the 19 Regional
Offices of RBI having Issue Departments (RBI Issue offices) for credit to the bank
accounts in India or exchange as indicated in the Press Release.
6. All instructions issued under para 3A of our circular DCM(Plg)No.S-
236/10.27.00/2023-24 dated May 19, 2023 in the matter shall continue to remain in
force. Banks shall also ensure that ₹2000 banknotes collected by their branches till
October 07, 2023, are deposited at currency chests on or before October 13, 2023.
7. ₹2000 banknotes shall continue to be legal tender.
मुद्रा प्रबंध िवभाग, के �ीय काया�लय, चौथी मंिज़ल, अमर िब��ंग, सर पी. एम. माग�, पो� बॉ� सं. 1379, मुंबई-400001(भारत)
फोन: +91-22-2260 3000 / 4000; फ़ै �: +91-22-2266 2442; ई-मेल: cgmincdcm@rbi.org.in
Department of Currency Management, Central Office, 4th Floor, Amar Building, Sir P. M. Road, Post Box No.1379,
Mumbai – 400 001(India); Tel: +91-22-2260 3000 / 4000; Fax: +91-22-2266 2442; E-mail: cgmincdcm@rbi.org.in
िह�ी आसान है, इसका प्रयोग बढ़ाईए8. A copy of the Press Release may also be displayed in the banking hall, ATM kiosks,
etc., for information of the customers / public.
9. You are requested to issue suitable instructions to the branches in this regard.
Please acknowledge receipt.
Yours faithfully
Sd/-
(Suman Ray)
Chief General Manager in-Charge
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