RBI Reports Rs 7,755 crore in Rs 2000 notes circulating among public
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The Reserve Bank of India (RBI) has revealed that 97.82% of Rs 2000 denomination banknotes have been returned to the banking system, leaving Rs 7,755 crore worth of these notes still with the public.
This update follows the RBI's announcement on May 19, 2023, to withdraw Rs 2000 denomination banknotes from circulation.
Initially, the total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore as of May 19, 2023. By May 31, 2024, this figure had significantly dropped to Rs 7,755 crore, demonstrating the effective return of most notes to the banking system. The central bank confirmed, "97.82% of the Rs 2000 banknotes in circulation as of May 19, 2023, have since been returned."
The facility for depositing and/or exchanging Rs 2000 banknotes was available at all bank branches across the country until October 7, 2023. Since then, the exchange service has continued at the 19 RBI issue offices, which have been accepting these notes for deposit into bank accounts since May 19, 2023.
From October 9, 2023, individuals and entities have also been able to deposit Rs 2000 banknotes directly at RBI issue offices. Additionally, the public can send Rs 2000 notes through India Post from any post office to any RBI issue office for account credit.
The 19 RBI offices facilitating the deposit and exchange of these banknotes are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
The Rs 2000 banknotes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1000 and Rs 500 banknotes.