97.26% of Rs 2,000 banknotes in circulation returned: RBI

The Reserve Bank of India (RBI) on Friday said that the total value of Rs 2,000 banknotes that had been returned stood at Rs 9,760 crore as on November 30, 2023. The central bank noted that 97.26 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023 has since been returned. The total value of Rs 2000 banknotes in circulation stood at Rs 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of the banknotes was announced. 

The central bank added that Rs 2000 banknotes continue to be legal tender. 

In May this year, RBI said it decided to withdraw Rs 2,000 currency notes from circulation and advised banks not to issue Rs 2,000 notes with immediate effect. 

The decision to discontinue the circulation of Rs 2,000 denomination banknotes was made in accordance with the RBI's 'Clean Note Policy'.

The facility for deposit and exchange of the currency was available at all bank branches in the country initially up to September 30, which was later extended up to October 7.

The RBI later announced that from October 9, 2023, RBI Issue Offices, in addition to exchanging Rs 2,000 banknotes, are also accepting Rs 2,000 banknotes from individuals / entities for deposit to their bank accounts.

The RBI has also said that members of the public from within the country can send Rs 2,000 banknotes through India Post from any post office in the country, to any of the RBI Issue Offices for credit to their bank accounts in India, the RBI said.