The Reserve Bank of India (RBI) declared on Friday that over 97 percent of the Rs 2,000 notes in circulation have been returned, emphasizing the ongoing legal tender status of the denomination.
Earlier in the year, on May 19, the RBI had initially announced the withdrawal of the Rs 2,000 banknotes from circulation. However, the latest statement from the central bank reaffirms their status as legal tender.
According to the RBI's statement released on Friday, the total value of Rs 2,000 banknotes in circulation plummeted from Rs 3.56 lakh crore on May 19, 2023, to Rs 9,760 crore by November 30, 2023, signifying a considerable decline.
The statement also revealed that 97.26 percent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have been returned.
Moreover, the RBI extended the deadline for deposit or exchange of Rs 2,000 banknotes, initially available at all bank branches until September 30, 2023, which was later prolonged until October 7.
Beginning October 9, 2023, the RBI Issue Offices not only facilitate the exchange of Rs 2,000 denomination banknotes but also accept them for deposit into individuals' and entities' bank accounts.
Furthermore, the RBI announced that individuals within the country can send Rs 2,000 banknotes through India Post from any post office to any RBI Issue Office for crediting into their Indian bank accounts.
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