97.62% Of Rs 2,000 Currency Notes Returned, Says RBI

New Delhi: The Reserve Bank of India (RBI) on Friday said nearly 97.62 percent of the Rs 2,000 bank notes have returned to the banking system, and only about Rs 8,470 crore worth of the withdrawn notes are still with the public.

"The total value of ₹2000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹8470 crore at the close of business on February 29, 2024. Thus, 97.62% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned," RBI said in a release.

RBI had announced the withdrawal of Rs 2000 denomination banknotes from circulation on May 19, 2023. The status of withdrawal of Rs 2,000 banknotes has been periodically published by the RBI.

The facility for deposit and / or exchange of the Rs 2,000 banknotes was available at all bank branches in the country initially upto September 30, 2023, which was later extended upto October 07, 2023.

"The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 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 are sending ₹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," RBI said.

Meanwhile, The Reserve Bank of India has futher said that Rs 2000 banknotes continue to be legal tender.