The Reserve Bank of India (RBI) on Monday said that 97.38 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, have been returned.
The latest data reveals that the total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore as of May 19, 2023, when the withdrawal was announced, has significantly declined.
As of December 29, 2023, the total value stands at Rs 9,330 crore. This indicates that 97.38 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, have been returned, the RBI said in a statement.
It’s crucial to note that despite the withdrawal process, Rs 2000 banknotes continue to be legal tender.
The central bank’s periodic updates provide transparency regarding the progress of the withdrawal initiative, assuring the public of the continued legal status of Rs 2000 banknotes.
The Reserve Bank of India (RBI) has announced on May 19, 2023 the withdrawal of Rs 2000 denomination banknotes.
As per the update, the facility for the deposit and/or exchange of Rs 2000 banknotes was available at all bank branches across the country until October 7, 2023.
However, individuals and entities can still avail themselves of the facility for the exchange of Rs 2000 banknotes at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices).
Starting from October 9, 2023, these RBI Issue Offices have also been accepting Rs 2000 banknotes for deposit into bank accounts.
Furthermore, public can send Rs 2000 banknotes through India Post from any post office in the country to any RBI Issue Office for credit to their bank accounts.
The RBI reiterates the ongoing acceptance of these notes for transactions, emphasising their validity in financial dealings.
The RBI remains committed to facilitating the smooth transition and addressing any queries related to the withdrawal process, the statement added.