RBI Announces Return of 97.92% of Withdrawn Rs 2000 Banknotes

The Reserve Bank of India revealed that 97.92% of the Rs 2000 denomination banknotes have returned to the banking system, leaving only Rs 7,409 crore with the public. The withdrawal of the Rs 2000 banknotes was announced on May 19, 2023, and the facility for exchange will continue to be available at RBI offices.

The Reserve Bank of India (RBI) on Thursday announced that 97.92% of the Rs 2000 denomination banknotes have been returned to the banking system. As of now, only Rs 7,409 crore worth of these withdrawn notes remain with the public.

The RBI had earlier announced the withdrawal of the Rs 2000 notes from circulation on May 19, 2023. At that time, the total value of Rs 2000 banknotes in circulation stood at Rs 3.56 lakh crore. By the close of business on July 31, 2024, this figure had significantly dropped to Rs 7,409 crore.

The central bank confirmed, "97.92 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned." Initially, the deposit and exchange facilities for these notes were available at all bank branches until October 7, 2023, and they continue to be available at the 19 RBI issue offices across the country. Additionally, the public can send Rs 2000 banknotes through India Post to any RBI office for credit to their bank accounts.

(With inputs from agencies.)