New Delhi: Nearly two years after the Reserve Bank of India (RBI) announced the withdrawal of Rs 2000 denomination banknotes, about Rs 6,181 crore worth of these notes remain in circulation.
The central bank, in data released this week, confirmed that 98.26 per cent of the Rs 2000 notes that were in circulation as of 19 May 2023 have been returned.
It should be noted that on 19 May 2023, the RBI had declared the withdrawal of Rs 2000 notes from active circulation, although they continue to retain the status of legal tender.
At the time of the announcement, the total value of Rs 2000 notes in the economy stood at Rs 3.56 lakh crore. This figure has now plummeted sharply to Rs 6,181 crore as of 31 May this year.
It should be noted that initially, the holders of these high-value notes were allowed to deposit or exchange them at bank branches until 7 October 2023. After this deadline, the facility was restricted to the RBI’s 19 issue offices across the country.
From 9 October 2023, these offices began accepting Rs 2000 notes directly for deposit into individual or institutional bank accounts.
Additionally, the RBI has provided a postal option. Individuals can send their Rs 2000 notes via post from any location in India to the nearest RBI issue office, with the corresponding amount being credited to their bank accounts.
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