97.69 Per Cent Of Rs 2000 Currency Notes Returned, Only Rs 8,202 Crore Remain With Public: RBI

The public can still deposit or exchange Rs 2000 notes at any of the 19 RBI offices situated across the nation, the central bank says

People wait in a queue to exchange their Rs 2000 notes at RBI office, in New Delhi.

Source : Getty

The Reserve Bank of India (RBI) in a statement said that a staggering 97.69 per cent of the Rs 2000 denomination bank notes, which were announced for withdrawal on May 19, 2023, have made their way back into the banking system. As of March 29, 2024, only Rs 8,202 crore worth of these currency notes remain in circulation, significantly plummeting from the Rs 3.56 lakh crore value recorded at the time of the withdrawal announcement.

The central bank said despite the withdrawal decision, Rs 2000 banknotes continue to hold legal tender status.

From October 9, 2023, RBI Issue Offices were also accepting Rs 2000 banknotes from individuals/entities for deposit into their bank accounts. Further, members of the public are sending Rs 2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts.

The public can still deposit or exchange these notes at any of the 19 RBI offices situated across the nation. 

Initially, public and private entities possessing Rs 2000 notes were instructed to exchange or deposit them by September 30, 2023, a deadline subsequently extended to October 7, 2023. Services for deposit and exchange at bank branches ceased on October 7, 2023.

From October 8, 2023, individuals gained the flexibility of either exchanging the currency or having the equivalent amount credited directly to their bank accounts at the designated 19 RBI offices spread across major cities, including Ahmedabad, Mumbai, New Delhi, and Kolkata.

The introduction of Rs 2000 banknotes happened in November 2016, following the demonetisation of the then-existing Rs 1000 and Rs 500 banknotes. This recent revelation underscores a significant reduction in the circulation of these currency notes, marking a consequential chapter in the currency dynamics of the nation.