97.26% of Rs 2,000 notes returned to RBI since withdrawal, Rs 9,760 crore still in circulation

The facility for exchange of the Rs 2,000 banknotes was available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) from May 19.

Reserve Bank of India (RBI) on Friday said Rs 9,760 crore of Rs 2,000 notes, which were withdrawn from circulation since May this year, are yet to be returned to the banking system.

The Reserve Bank of India (RBI) on Friday said 97.26 per cent of the Rs 2,000 banknotes which were withdrawn in May this year are back in the banking system. The total value of Rs 2,000 banknotes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of these banknotes was announced, has declined to Rs 9,760 crore at the close of business on November 30, 2023, the RBI said in a release.

“…97.26 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned,” the RBI said, adding that the notes continue to remain legal tender.

The facility for exchange of the Rs 2,000 banknotes was available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) from May 19. These offices are in major cities including Ahmedabad, Bangalore, Bhopal, Bhubaneswar, Mumbai, and New Delhi.

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From October 9, RBI Issue Offices, in addition to exchanging Rs 2,000 denomination banknotes across the counters, are also accepting Rs 2,000 banknotes from individuals or entities for deposit to their bank accounts.

Individuals from within the country can send Rs 2,000 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 the country, the release said.

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