The Reserve Bank of India (RBI) announced on Monday that nearly 97.69% of the Rs 2000 banknotes have been returned to the banking system.
This follows the RBI’s decision on May 19, 2023, to discontinue the circulation of Rs 2,000 denomination banknotes, although they remain legally accepted tender.
The central bank disclosed that the total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore as of May 19, 2023, has dwindled to Rs 8202 crore by March 29, 2024. Consequently, 97.69 percent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have been returned.
Individuals have the opportunity to deposit and/or exchange Rs 2,000 banknotes at 19 RBI offices across the country.
Additionally, they can send Rs 2,000 banknotes through India Post to any of the RBI Issue Offices for crediting to their bank accounts. Initially, public and private entities were instructed to exchange or deposit such notes in bank accounts by September 30, 2023, which was later extended to October 7, 2023.
Deposit and exchange services at bank branches were then discontinued from October 7, 2023. From October 8, 2023, individuals were given the option to exchange the currency or have the equivalent amount credited to their bank accounts at RBI offices.
Rs 2,000 banknotes were introduced in November 2016 following the withdrawal of Rs 500 and Rs 1,000 banknotes.