More than 97% of Rs 2,000 notes returned: RBI

On May 19 this year, the RBI had announced the withdrawal of Rs 2,000 denomination banknotes from circulation.

The RBI said more than 97 per cent of the Rs 2,000 banknotes in circulation have been returned to the banking system, image credit: Reuters

The Reserve Bank on Wednesdays said more than 97 per cent of the Rs 2,000 banknotes in circulation have been returned to the banking system, and only Rs 10,000 crore worth of such notes are still with public.

On May 19 this year, the RBI had announced the withdrawal of Rs 2,000 denomination banknotes from circulation.

"The total value of Rs 2,000 banknotes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 0.10 lakh crore as at the close of business on October 31, 2023," it said in a circular.

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Thus, RBI added, more than 97 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, have since been returned.Public can deposit and/or exchange the Rs 2,000 banknotes at the 19 RBI offices in the country.

"Members of the public are requested to avail the facility of sending the ?2000 banknotes through post offices of India Post.

This will obviate the need for travel to RBI offices for deposit/exchange of the ?2000 banknotes," the central bank said.Meanwhile, long queues are being witnessed during the working hours at the RBI offices for exchange/deposit of Rs 2,000 notes.

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