Over 97.6% of Rs 2,000 Notes Returned to RBI, Rs 8,470 Crore Still in Circulation

The Reserve Bank of India (RBI) revealed that approximately 97.62% of the Rs 2,000 banknotes have been reintegrated into the banking system. As of now, only around Rs 8,470 crore worth of the withdrawn notes remain in the possession of the public. The RBI had declared the discontinuation of the Rs 2,000 denomination banknotes from circulation on May 19, 2023.

According to a statement from the RBI, the total value of Rs 2,000 banknotes in circulation, which stood at Rs 3.56 lakh crore on May 19, 2023, when the decision to withdraw them was announced, has now reduced to Rs 8,470 crore as of February 29, 2024.

The RBI further noted that 97.62% of the Rs 2,000 banknotes that were in circulation as of May 19, 2023, have been returned. Despite this, the Rs 2,000 banknotes remain legal tender, as emphasized by the RBI. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank notes through India Post from any post office to any of the RBI Issue Offices for credit to their bank accounts in India.

Initially, individuals and entities holding these notes were instructed to either exchange or deposit them into bank accounts by September 30, 2023. However, this deadline was later extended to October 7, 2023. Deposit and exchange services at bank branches ceased on October 7, 2023.

From October 8, 2023, individuals have been given the option to either exchange the currency or have the equivalent amount credited to their bank accounts at the 19 offices of the Reserve Bank of India.