Rs 2,000 notes worth 9,760 crore yet to be returned, says RBI
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New Delhi: The Reserve Bank of India (RBI) has reported that nearly 97.26% of the Rs 2,000 denomination bank notes have been returned to the banking system, leaving approximately Rs 9,760 crore of these notes still in circulation among the public.
The RBI's announcement on May 19 signified the withdrawal of the Rs 2,000 denomination bank notes from circulation.
In a recent statement, the RBI disclosed that the total value of these Rs 2,000 banknotes in circulation stood at Rs 3.56 lakh crore as of May 19, 2023, when their withdrawal was declared. However, this amount has significantly dwindled to Rs 9,760 crore as of November 30, 2023.
The central bank clarified that 97.26% of the high-value currency notes prevalent as of May 19, 2023, have since been reintegrated into the banking system.
While acknowledging this reduction in circulation, the RBI emphasised that Rs 2,000 notes remain legal tender. It affirmed that individuals still possess the liberty to deposit or exchange these notes at the 19 RBI offices spread across the country. People also have the option to send these notes through India Post from any post office to any of the RBI Issue Offices, facilitating the credit of these amounts to their bank accounts in India.
Initially, the public and entities in possession of these notes were advised to either exchange or deposit them in their bank accounts by September 30, with the deadline later extended to October 7. Following this, the exchange and deposit services at bank branches ceased on October 7.
Subsequently, starting from October 8, individuals have been granted the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 RBI offices.
Presently, individuals are observed queuing during the RBI office hours for the purpose of exchanging/depositing Rs 2,000 notes. The 19 RBI offices accepting these notes for exchange/deposit are located across various cities in India.
The Rs 2,000 notes were introduced in November 2016 as part of the demonetisation process, replacing the then-existing Rs 1,000 and Rs 500 notes.