RBI Reports Over 97% Return of Rs 2,000 Banknotes

On November 30, 2023, the Reserve Bank of India (RBI) disclosed a significant decrease in the total value of Rs 2,000 banknotes in circulation, now standing at Rs 9,760 crore. This marks a substantial drop from the initial figure of Rs 3.56 lakh crore when the withdrawal was first announced.

As of May 19, 2023, a staggering 97.26% of the Rs 2,000 banknotes have been returned, reflecting the success of the deposit or exchange facilities provided by all bank branches nationwide. Initially set to expire on September 30, the deadline for this service was later extended to October 7.

The 19 Issue Offices of the RBI also facilitated the exchange of Rs 2,000 banknotes. Alongside counter transactions, RBI offices accept these notes for deposit into bank accounts, offering a comprehensive approach to the currency transition.

Individuals and entities within the country can utilize India Post to send Rs 2,000 banknotes to any RBI Issue Office for crediting to their bank accounts. It’s crucial to note that despite the decline in circulation, Rs 2,000 banknotes remain legal tender, emphasizing their continued acceptance in the financial system