RBI confirms that 98% of ₹2000 notes have returned, with ₹6,970 crore still in circulation.
The Reserve Bank of India (RBI) has confirmed that 98.04% of ₹2000 banknotes have returned to the banking system, with ₹6,970 crore still in circulation.
On Monday, the Reserve Bank of India (RBI) reported that 98.04% of ₹2000 banknotes have been returned to the banking system, leaving ₹6,970 crore still in public circulation. Since the RBI's announcement in May 2023 about the phased withdrawal of these notes, the total value in circulation has significantly decreased from ₹3.56 lakh crore.
The option to deposit or exchange ₹2000 banknotes was available at all bank branches until October 7, 2023, after which it moved exclusively to 19 RBI Issue Offices. Starting October 9, these offices have also begun accepting ₹2000 notes for direct deposits into bank accounts.
Additionally, individuals can send ₹2000 notes via India Post to any RBI Issue Office for deposit.
The RBI's 19 Issue Offices, located in major cities like Mumbai, New Delhi, Bengaluru, Chennai, and Kolkata, facilitate this process. Although largely withdrawn from circulation, ₹2000 notes remain legal tender.
These banknotes were first introduced in November 2016 as part of the demonetization effort to meet currency needs following the withdrawal of ₹1000 and ₹500 notes.
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