Except 2%, all Rs 2,000 notes have been returned since withdrawal, says RBI report

The Reserve Bank of India on Tuesday said 98 per cent of the Rs 2,000 denomination notes have been returned since its May 2023 move to withdraw the currency notes.

The total value of notes of the denomination has reduced to Rs 7,117 crore from the Rs 3.56 lakh crore on May 19, 2023, the central bank said.

"98 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," the RBI said.

On May 19, 2023, the RBI announced a surprise decision to withdraw the Rs 2,000 currency notes. The move was prompted on quality concerns and the denomination introduced after the demonetisation of November 2016 fulfilling its purpose.

The central bank said Rs 2,000 notes continue to be legal tender and can be exchanged at 19 issue offices of the RBI either physically or sent by post for a credit into bank accounts.