Nearly 98% of Rs 2,000 Banknotes Returned to RBI, Only Rs 8,202 Crore Still with Public

The Reserve Bank of India (RBI) revealed on Monday that almost 98% of the Rs 2,000 denomination banknotes have made their way back to the banking system, leaving only Rs 8,202 crore still in the hands of the public.

According to the central bank’s statement, the total value of Rs 2,000 banknotes in circulation has dropped significantly from Rs 3.56 lakh crore on May 19, 2023, when their withdrawal was announced, to just Rs 8,202 crore as of March 29, 2024.

The RBI had declared the withdrawal of Rs 2,000 banknotes from circulation on May 19, 2023. Since then, the vast majority, around 97.69%, of the Rs 2,000 banknotes have been returned.

It’s important to note that Rs 2,000 banknotes remain legal tender, and the public can still deposit or exchange them at 19 RBI offices across the country. Additionally, individuals can send these banknotes through India Post from any post office to any RBI Issue Office for credit to their bank accounts.

Initially, public and private entities holding these notes were given until September 30, 2023, to exchange or deposit them in bank accounts, which was later extended to October 7, 2023. Deposit and exchange services at bank branches were halted after October 7, 2023.

From October 8, 2023 onwards, individuals have been given the option to either exchange the currency or have the equivalent amount credited to their bank accounts at the 19 RBI offices across India.