RBI Reports: Over 97% of Rs 2000 Notes Returned to System

The Reserve Bank of India (RBI) announced that 97.82% of the Rs 2000 denomination banknotes have returned to the banking system. Initially issued post-demonetisation in November 2016, most of these notes are now back in circulation, with Rs 7,755 crore worth still with the public.

The Reserve Bank of India (RBI) has announced a significant milestone in the currency withdrawal process. As of Monday, 97.82% of the Rs 2000 denomination banknotes have been returned to the banking system, leaving Rs 7,755 crore worth of the notes still with the public.

The Rs 2000 banknotes were initially introduced in November 2016 following the demonetisation of the Rs 1000 and Rs 500 notes. On May 19, 2023, the RBI began the process of withdrawing the Rs 2000 notes from circulation. At that time, their total value stood at Rs 3.56 lakh crore.

To facilitate the return, the RBI allowed the public to deposit or exchange the Rs 2000 notes at any bank branch until October 7, 2023. Additionally, since May 19, 2023, RBI's 19 issue offices have been accepting these notes for deposit into bank accounts, and the public can also send them to RBI offices via India Post from post offices across the country.