Nearly 97.62% of Rs 2,000 currency returned to banking system: RBI | Economics and Policy News – Business Standard

The Reserve Bank of India (RBI) on Friday said nearly 97.62 per cent of Rs 2,000 notes have returned to the banking system, and only around Rs 8,470 crore of the withdrawn notes are still with the public.

On May 19, 2023, the RBI announced the withdrawal of notes worth Rs 2,000 from circulation.

“The total value of Rs 2,000 notes in circulation, which stood at Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 notes was announced, has come down to Rs 8,470 crore at the end of the business day on May 19, 2023. February 29, 2024,” the RBI said in a statement.

Thus, 97.62 per cent of the Rs 2,000 notes in circulation on May 19, 2023 have since been returned, it added.

“The Rs 2,000 notes will continue to be legal tender,” the RBI added.

People can deposit and/or exchange Rs 2,000 notes at the 19 RBI offices across the country. People can also send Rs 2,000 banknotes via India Post from any Post Office to any of the RBI Issue Offices for credit to their bank accounts in India.

The public and entities holding such notes were initially asked to exchange or deposit them into bank accounts by September 30, 2023. The deadline was later extended to October 7, 2023. Deposit and exchange services at bank branches were suspended on October 7, 2023.

From October 8, 2023, individuals will have the option to exchange the currency or have the equivalent amount credited to their bank accounts at the RBI’s 19 offices.

The 19 RBI offices that deposit/exchange the notes are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.

The Rs 2,000 notes were introduced in November 2016, following the demonetisation of the then prevailing Rs 1,000 and Rs 500 notes.

First print: March 01, 2024 | 3:48 PM IST