RBI: 98.42% of 2000 Rupee Notes Withdrawn, Process Nears Completion

• The Reserve Bank of India (RBI) announced that 98.42% of 2,000 rupee notes have been deposited or exchanged.
• The withdrawal process for 2,000 rupee notes was initiated on May 19, 2023, when their total value in circulation was Rs 3.56 lakh crore.
• By January 31, 2026, the value of these notes in circulation had dropped significantly to Rs 5,609 crore.
• Initially, notes could be exchanged at all bank branches; after October 7, 2023, this facility shifted to 19 RBI Issue Offices.
• 2,000 rupee notes remain legal tender, but the RBI advises depositing them soon to avoid future inconvenience.

Why It Matters: RBI confirms nearly all 2000 rupee notes are withdrawn, process successful due to public cooperation.