97.96% Of Rs 2,000 Notes In Circulation Returned

The Reserve Bank of India (RBI) on Monday announced that 97.96% of the Rs 2000 banknotes in circulation as on May 19, 2023 has been returned to the central bank. The bank had announced the withdrawal of Rs 2000 denomination banknotes from circulation on May 19. 2023.

The facility for deposit or exchange of the Rs 2000 banknotes were available at all bank branches in the country upto October 07, 2023.

The facility for exchange of the 22000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)’ since May 19, 2023.

From October 09, 2023, RBI Issue Offices are also accepting Rs 2000 banknotes from individuals or entities for deposit into their bank accounts. Further, members of the public who have been sending Rs 2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts.

The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 7,261 crore at the close of business on August 30, 2024.

An RBI statement has also said the Rs 2000 banknotes still continue to be legal tender.