Over 97% of Rs 2,000 notes returned, RBI says only Rs 10,000 crore remain
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New Delhi: The Reserve Bank of India (RBI) reported that over 97% of the Rs 2,000 denomination banknotes in circulation have been returned to the banking system, leaving notes worth only Rs 10,000 crore still in the possession of the public.
This announcement comes after the RBI declared on May 19 of this year its decision to withdraw the Rs 2,000 banknotes from circulation. At that time, the total value of Rs 2,000 banknotes in circulation was Rs 3.56 lakh crore. However, as of October 31, 2023, this value has declined to Rs 0.1 lakh crore.
In its circular, the RBI stated, "More than 97% of the Rs 2,000 banknotes in circulation as of May 19, 2023, have since been returned."
For those wishing to deposit or exchange Rs 2,000 banknotes, 19 RBI offices across the country offer this facility. The RBI has also encouraged the public to take advantage of India Post's postal services to deposit/exchange these notes, eliminating the need to visit RBI offices in person.
Despite these alternatives, long queues have been observed during working hours at RBI offices as individuals seek to exchange or deposit Rs 2,000 banknotes.