New Delhi: The Reserve Bank of India (RBI) recently informed that nearly 97.62 percent of the withdrawn Rs 2000 notes have been returned to the banking system. The bank also added that about Rs 8,470 crore worth of Rs 2000 banknotes are yet to be deposited in the bank.
It is worth mentioning here that in May, 2023, the RBI announced the withdrawal of Rs 2,000 denomination banknotes from circulation.
In an official statement, the RBI shared, “The facility for exchange of the Rs 2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting Rs 2000 banknotes from individuals/entities for deposit into their bank accounts. Further, members of the public are sending Rs 2000 banknotes through India Post from any post office within the country to any of the RBI Issue Offices for credit to their bank accounts.”
“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 8,470 crore at the close of business on Feb. 29, 2024. Thus, 97.62% of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned. The Rs 2000 banknotes continue to be legal tender,” the statement further read.
Initially, the deadline to exchange or deposit the withdrawal notes in bank account was September 30, 2023. However, it was later extended to October 7, 2023.
Notably, the Rs 2,000 banknotes were introduced in November 2016, following demonetization, however, the RBI announced the withdrawal of Rs 2,000 denomination banknotes from circulation in May 2023.
Ms Kalinga