The Reserve Bank of India (RBI) has reported that 97.87% of the Rs.2000 denomination banknotes in circulation as of May 19, 2023, have been returned.
“The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 7581 crore at the close of business on June 28, 2024. Thus, 97.87% of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned,” the Central Bank said in its press release.
The last update from the regulator on the circulation of Rs 2000 notes came on June 3rd, with 97.82% of notes being returned already.
This follows the RBI’s announcement, detailed in a Press Release from May 19, 2023, about the withdrawal of these high-value notes from circulation.
The RBI initiated the withdrawal of Rs 2000 banknotes to streamline the currency system and manage liquidity more effectively. From May 19, 2023, the public was given the facility to deposit or exchange these notes at all bank branches across the country.
This facility was available until October 07, 2023, allowing time for individuals and businesses to adapt to the change.
Post October 07, 2023, the exchange facility for Rs 2000 notes was centralized to the 19 RBI Issue Offices. Starting from October 09, 2023, these offices also began accepting the Rs 2000 banknotes for direct deposit into bank accounts.
Additionally, the RBI partnered with India Post, enabling citizens to send their Rs 2000 notes from any post office within the country to any RBI Issue Office for credit to their bank accounts.
