97.96% ₹ 2,000 notes returned, ₹ 7,261 crore worth notes still with public

Mangalore Today News Network

Mumbai, September 3, 2024: The Reserve Bank of India (RBI) on Monday said 97.96 per cent of the ₹ 2000 denomination banknotes have returned to the banking system, and only ₹ 7,261 crore worth of the withdrawn notes are still with the public.

On May 19, 2023, the RBI announced the withdrawal of ₹ 2000 denomination banknotes from circulation.

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 ₹ 7,261 crore at the close of business on August 30, 2024, the RBI said.

"Thus, 97.96 per cent of the ₹ 2000 banknotes in circulation as on May 19, 2023, has since been returned," it said in a statement.

The facility for deposit and/or exchange of the ₹ 2000 banknotes was available at all bank branches in the country till October 7, 2023.

The facility for the exchange of the ₹ 2000 banknotes has been available at the 19 issue offices of the Reserve Bank since May 19, 2023.

From October 9, 2023, RBI issue offices are also accepting ₹ 2000 banknotes from individuals and 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.

The 19 RBI offices depositing/exchanging the banknotes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.

The ₹ 2000 banknotes were introduced in November 2016, following the demonetisation of the then-prevailing ₹ 1000 and ₹ 500 banknotes.