RBI says 97.87% of Rs 2,000 currency notes back in system

Rs 2000 bank notes

As many as 97.87 percent of the Rs 2,000 currency notes which were in circulation as on May 19, 2023, have returned to the banking system, the Reserve Bank of India (RBI) said on July 1.

The value of such banknotes in circulation declined to Rs 7,581 crore at the close of business on June 28 from Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of the currency notes was announced, the RBI said in a statement.

The central bank announced the withdrawal of the high-value denomination banknotes from circulation as part of its clean note policy.

The facility for deposit or exchange of the currency was available at all bank branches till October 7, 2023.

At present, 19 issue offices of the Reserve Bank (RBI Issue Offices) are accepting the notes from individuals/entities for deposit into their bank accounts, the RBI said in a release.

Members of the public can send Rs 2,000 banknotes through India Post from post offices to any of the RBI issue offices for credit to their bank accounts.

The RBI introduced Rs 2,000 notes in November 2016 to meet the currency requirements following the withdrawal of the legal tender status of all Rs 500 and Rs 1,000 notes in circulation at that time.

The objective was met once notes in other denominations became available in adequate quantities and the printing of Rs 2,000 note was stopped in 2018-19.

The Rs 2000 note continues to be a legal tender, the RBI said.