Above 97% Of Rs 2,000 Notes In Value Returned, Rs 10,000 Cr Still With Public

The Reserve Bank of India (RBI) on Wednesday has stated that Rs 10,000 crore worth of Rs 2,000 notes, which were withdrawn from circulation on 19 May 2023, are yet to be returned to the banking system.

As of 19 May 2023, the total value of Rs 2000 banknotes in circulation amounted to Rs 3.56 lakh crore. This has declined to Rs 10,000 crore as at the close of business on 31 October 2023, the RBI said in a release.

“Thus, more than 97 per cent of the Rs 2000 banknotes in circulation as on 19 May 2023, has since been returned,” the RBI said in a press release. It said the Rs 2000 banknotes continue to be legal tender.

RBI said individuals and entities can deposit or exchange Rs 2000 notes at the 19 RBI Issue Offices.

Initially, the facility for deposit or exchange of the Rs 2000 banknotes was available at all bank branches in the country up to 30 September 2023, which was later extended upto 7 October 2023. 

These high denomination notes were also allowed to be exchanged at the 19 Issue Offices of the RBI (RBI Issue Offices) from 19 May 2023.

From 9 October 2023, RBI Issue Offices, in addition to exchanging Rs 2000 denomination banknotes across the counters, are also accepting Rs 2000 banknotes from individuals or entities for deposit to their bank accounts, the RBI said.

Individuals from within the country can send Rs 2000 banknotes through India Post from any post office in the country, to any of the RBI Issue Offices for credit to their bank accounts in India, RBI said.

“The window for deposit and / or exchange of the Rs 2000 banknotes continues to be available at the 19 Issue Offices of RBI,” the release said.

The central bank has requested all to avail the facility of sending the Rs 2000 banknotes through post offices of India Post, which will obviate the need for travel to RBI offices for the same.