The Reserve Bank of India (RBI) announced that a staggering 97.50% of Rs 2,000 banknotes in circulation have been returned to banks, exceeding initial expectations. As of December 29, 2023, the total value of outstanding Rs 2,000 notes stands at Rs 9,330 crore, marking a significant decline from the Rs 3.56 lakh crore in circulation when the withdrawal was announced in May 2023.
In its announcement, the central bank reiterated that Rs 2,000 banknotes will retain their legal tender status. This confirmation comes after the RBI's decision to withdraw these notes was made on May 19. According to banking regulators, 97.50% of the Rs 2,000 banknotes circulated until May 19, 2023, have been returned. Initially valued at Rs 3.56 lakh crore, these banknotes were subject to an extended exchange period, originally set to end on September 30, 2023, but later extended to October 7, 2023.
The RBI emphasized that the facility for exchanging Rs 2,000 banknotes remains available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023. Additionally, since October 09, 2023, RBI Issue Offices have been accepting Rs 2,000 banknotes from individuals or entities for deposit into their bank accounts.