97.4% of Rs 2,000 notes returned to banking system: Reserve Bank of India
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New Delhi: The Reserve Bank of India on Monday said that 97.4% of Rs 2,000 denomination currency notes have returned since announcing withdrawal on May 19 last year.
Back then, RBI set September 30, 2023 as deadline to return the notes, which it later extended to October 7, 2023, Scroll reported.
The remaining Rs 2,000 banknotes continue to be legal tender, according to the report.
The Reserve Bank of India said on December 1, 2023, that Rs 9,760 crore worth of Rs 2,000 notes had not been deposited or exchanged.
This amount is now put at Rs 9,330 crore as of December 29, 2023.
One could get more clarity when considering the total value of Rs 2,000 banknotes in circulation as of May 19, 2023 was standing at Rs 3.56 lakh crore.
The facility for exchanging Rs 2000 remains available at RBI’s 19 issue offices, nevertheless banks stopped exchanging them.
These centres, located in major cities including Ahmedabad, Bangalore, Bhopal, Bhubaneswar, Mumbai and New Delhi, are for the public to exchange old, soiled and mutilated notes and coins.
Meanwhile, Indians living and having bank accounts in the country can send their Rs 2000 notes to RBI’s Issue Office through any post office and the money will be credited their bank accounts, according to the report.