RBI says 97.62% banknotes of Rs 2000 have returned to banks; know remaining amount

The Reserve Bank of India (RBI) announced on Friday (March 1, 2024) that 97.62 per cent of the Rs 2000 banknotes have been returned to banks ever since it announced withdrawing these currency notes on May 19, 2023. 

In a statement on Friday, the central bank said that the circulation of Rs 2000 notes has declined to Rs 8470 crore at the close of business on February 29, 2024.

"The total value of ₹2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹8470 crore at the close of business on February 29, 2024. Thus, 97.62% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned, the RBI said on Friday.

While the RBI says that the Rs 2000 banknotes continue to be legal tender, it said that the facility for exchange of the Rs 2000 banknotes is available at its 19 issue offices since May 19, 2023. 

"From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals/entities for deposit into their bank accounts. Further, members of the public are sending ₹2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts.