97.62% Of Rs 2000 Banknotes In Circulation Returned: RBI

The Reserve Bank of India (RBI) has revealed that 97.62% of the Rs 2000 denomination banknotes in circulation as of May 19, 2023, have been returned. According to the latest data published by the RBI, the total value of Rs 2000 banknotes in circulation has drastically declined from Rs 3.56 lakh crore to Rs 8470 crore as of February 29, 2024.

The RBI had initially announced the withdrawal of Rs 2000 banknotes from circulation in May 2023, and since then, the central bank has been monitoring the status of the withdrawal periodically. While the facility for deposit and exchange of these banknotes was available at all bank branches until October 7, 2023, individuals and entities have been able to exchange them at RBI Issue Offices since May 19, 2023.

Moreover, starting from October 9, 2023, RBI Issue Offices have also been accepting Rs 2000 banknotes for deposit into bank accounts. Additionally, members of the public have been utilizing India Post services to send Rs 2000 banknotes to RBI Issue Offices for credit to their bank accounts.

Despite the significant reduction in the circulation of Rs 2000 banknotes, it”s crucial to note that they continue to remain legal tender.