RBI Rs 2000 Note Withdrawal Update: 98.12% Returned as Circulation Drops Sharply

The Reserve Bank of India (RBI) has provided an update on the Rs. 2000 note withdrawal. As of now, 98.12% of the Rs. 2000 notes in circulation have been returned. The withdrawal process is progressing smoothly, with the currency notes gradually being replaced by smaller denominations. The RBI had initially announced the withdrawal of the high-denomination notes in May 2023, giving a deadline of September 30, 2023, for people to exchange or deposit the Rs. 2000 notes. The central bank has clarified that the notes are still valid for transactions, and there has been no disruption in the banking system. The RBI is monitoring the situation closely to ensure a seamless transition and to curb the circulation of counterfeit currency.