97.38% of ₹2,000 banknotes have been returned: RBI

The facility for deposit and/or exchange of the ₹2,000 banknotes was available at all bank branches in the country up to October 07, 2023.

January 01, 2024 07:32 pm | Updated 08:01 pm IST - MUMBAI

Image used for representation purpose only.

Image used for representation purpose only. | Photo Credit: R. Ragu

The Reserve Bank of India (RBI) said that the circulation of ₹2,000 banknotes has declined to ₹9,330 crore at the close of business on December 29, 2023, “thus 97.38% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned.’

The total value of ₹2,000 banknotes in circulation was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2,000 banknotes was announced, it said in an update adding the ₹2,000 banknotes continue to be legal tender.

The facility for deposit and/or exchange of the ₹2,000 banknotes was available at all bank branches in the country up to October 07, 2023.

The central bank said the facility for exchange of the ₹2,000 banknotes is still available at the 19 of its Issue Offices since May 19, 2023.

“From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals/entities for deposit into their bank accounts. Further, members of the public from within the country are sending ₹2,000 banknotes through India Post from any post office in the country, to any of the RBI Issue Offices for credit to their bank accounts,” it added.

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