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97.69% of Rs 2000 currency notes returned; notes worth Rs 8,202 crore still with public: RBI
PTC News Desk: Nearly 97.69 percent of the Rs 2000 denomination bank notes have returned to the banking system, said the Reserve Bank of India (RBI) on Monday. Now, only Rs 8,202 crore worth of the notes remain in circulation.
On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 bank notes from circulation.
The Reserve Bank of India reported that the entire value of Rs 2000 banknotes in circulation has decreased from Rs 3.56 lakh crore on May 19, 2023, when the withdrawal was announced, to Rs 8,202 crore on March 29, 2024.
"Thus, 97.69 percent of the Rs 2000 banknotes in circulation as of May 19, 2023, has since been returned," RBI said.
Moreover, Rs 2,000 banknotes remain legal tender.
People can deposit or exchange Rs 2000 banknotes at 19 RBI offices across the country. To credit their Indian bank accounts, individuals can submit Rs 2000 bank notes through India Post from any post office to any RBI Issue Office.
Public and private companies with such notes were first required to exchange or deposit them in bank accounts by September 30, 2023. The deadline was subsequently postponed to October 7, 2023. Deposit and exchange services at bank branches were phased down on October 7, 2023.
Beginning October 8, 2023, individuals can exchange currencies or have an equal amount credited to their bank accounts at the RBI's 19 offices.
The 19 RBI offices that accept and exchange bank notes are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
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