97.69 pc of Rs 2000 banknotes have been returned: RBI

Mumbai: The RBI said in its currency update on Monday that 97.69 per cent of the Rs 2000 banknotes in circulation have now been returned.

“The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8,202 crore at the close of business on March 29, 2024,” the RBI said.

The facility for the exchange of the Rs 2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting Rs 2000 banknotes from individuals/entities for deposit into their bank accounts. Further, members of the public are sending Rs 2000 banknotes through India Post from any post office within the country to any of the RBI Issue Offices for credit to their bank accounts.

The Rs 2000 banknotes continue to be legal tender, the RBI said.

The RBI announced on Thursday that the facility for the exchange and deposit of Rs 2000 banknotes will not be available on Monday, April 1, 2024, at the central bank’s 19 Issue Offices due to operations associated with the annual closing of accounts.

However, the facility will become operational again on April 2, the central bank had said.