The Reserve Bank of India (RBI) has reported that 97.26% of the Rs 2000 banknotes in circulation as of May 19, 2023, have been returned.
According to the RBI’s statement on the status of the withdrawal of Rs 2000 denomination banknotes, the total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore on May 19, 2023, when the withdrawal was announced. This amount has decreased to Rs 9,760 crore as of November 30, 2023. In other words, 97.26% of the Rs 2000 banknotes in circulation as of May 19, 2023, have been returned.
The RBI emphasized that Rs 2000 banknotes continue to be legal tender.
The withdrawal of Rs 2000 denomination banknotes was announced by the RBI on May 19, 2023. The RBI has periodically provided updates on the status of the withdrawal. Initially, the facility for deposit and/or exchange of the Rs 2000 banknotes was available at all bank branches in the country until September 30, 2023, and this deadline was later extended to October 07, 2023.
From May 19, 2023, the facility for exchanging Rs 2000 banknotes was also available at the 19 Issue Offices of the Reserve Bank. Starting from October 09, 2023, RBI Issue Offices, in addition to exchanging Rs 2000 denomination banknotes across the counters, also accept Rs 2000 banknotes from individuals/entities for deposit to their bank accounts. Furthermore, members of the public from within the country can send Rs 2000 banknotes through India Post from any post office to any RBI Issue Office for credit to their bank accounts in India, as per the RBI’s statement.
