RBI reports overwhelming return of Rs 2,000 currency notes

An overwhelming 97.76 per cent of Rs 2,000 denomination banknotes have been returned to banking system, leaving only Rs 7,961 crore worth of withdrawn notes still in circulation among public, according to Reserve Bank of India (RBI).

total value of Rs 2,000 banknotes in circulation, which stood at Rs 3.56 lakh crore on May 19, 2023, when withdrawal was announced, has now significantly declined to Rs 7,961 crore as of April 30, 2024, as per RBI's statement.

Individuals still holding Rs 2,000 banknotes have option to deposit or exchange m at 19 RBI offices nationwide. y can also utilize India Post services to send se banknotes to any RBI Issue Office for credit to ir bank accounts.

Initially, public and private entities were given until September 30, 2023, to exchange or deposit notes, a deline later extended to October 7. Subsequently, deposit and exchange services at bank branches ceased on October 7, and from October 8 onwards, individuals have been provided choice to eir exchange currency or have equivalent amount credited to ir bank accounts at designated RBI offices.

19 RBI offices offering deposit and exchange services for banknotes are located in Ahmedab, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderab, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

Introduced in November 2016 following demonetisation of n prevailing Rs 1,000 and Rs 500 banknotes, Rs 2,000 denomination notes have seen a substantial return to banking system over years.

(With PTI inputs)