Mumbai: The Reserve Bank of India (RBI) disclosed on Monday that 97.87% of the Rs 2000 denomination banknotes have been returned to the banking system, leaving Rs 7,581 crore still in public possession. The announcement follows the RBI's decision on May 19, 2023, to withdraw the Rs 2000 denomination banknotes from circulation.
As of June 28, 2024, the total value of Rs 2000 banknotes in circulation has dwindled from Rs 3.56 lakh crore on May 19, 2023, to Rs 7,581 crore.
"The return rate indicates that 97.87% of the Rs 2000 banknotes in circulation as of May 19, 2023, have now been returned," stated the central bank in a released statement.
The facility for deposit and exchange of Rs 2000 banknotes was available at all bank branches across the country until October 7, 2023. Since May 19, 2023, exchange facilities have been accessible at the 19 issue offices of the Reserve Bank.
Starting October 9, 2023, RBI issue offices have also been accepting Rs 2000 banknotes from individuals and entities for direct deposit into their bank accounts. Additionally, members of the public can send Rs 2000 banknotes via India Post from any post office in the country to any of the 19 RBI issue offices for crediting to their bank accounts.
The 19 RBI offices facilitating the deposit and exchange of these banknotes are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
Introduced in November 2016 following the demonetisation of the then-existing Rs 1000 and Rs 500 banknotes, the Rs 2000 banknotes have undergone significant withdrawal from circulation in recent years.
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