Updated January 1st, 2024 at 20:05 IST
RBI reports 97.38% return of Rs 2,000 banknotes to banking system
Individuals can deposit or exchange these notes at any of the 19 RBI offices nationwide.
The Reserve Bank of India (RBI) disclosed that nearly 97.38 per cent of Rs 2,000-denomination banknotes have made their way back into the banking system, leaving only about Rs 9,330 crore in circulation among the public.
Following the RBI's announcement on May 19 to withdraw the Rs 2,000 banknotes from circulation, the total value plummeted from Rs 3.56 lakh crore on May 19, 2023, to Rs 9,330 crore by December 29, 2023, as per the RBI's statement.
This massive return signifies that a vast majority of the high-value currency, accounting for 97.38 per cent of the total on May 19, 2023, has been reintegrated into the banking network, while the RBI reaffirmed that the Rs 2,000 banknotes remain legal tender.
Individuals can deposit or exchange these notes at any of the 19 RBI offices nationwide. Additionally, they have the option to send these banknotes through India Post to any RBI issue office to credit the amount to their bank accounts.
Initially, the deadline for depositing or exchanging these notes was September 30, which was later extended to October 7, after which bank branches ceased these services. Subsequently, individuals were given the choice to exchange the currency or credit the equivalent sum to their bank accounts at the 19 RBI offices starting October 8.
Notably, queues have been witnessed during working hours at RBI offices for the exchange or deposit of Rs 2,000 notes. The 19 RBI offices accepting these banknotes for deposit or exchange are spread across various cities in India.
Introduced in November 2016 post-demonetization of Rs 1,000 and Rs 500 notes, the Rs 2,000 banknotes have undergone a significant reduction in circulation since their introduction, as confirmed by the RBI's recent statement.
(with PTI inputs)
Published January 1st, 2024 at 20:05 IST