More than 97% of ₹2,000 banknotes returned, only ₹10,000 crore with public: RBI

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Bank of India (RBI) Wednesdays said more than 97% of the ₹2,000 banknotes in circulation have been returned to the banking system, and only ₹10,000 crore of such notes are still in public circulation. "The total value of ₹2000 banknotes in circulation, which amounted to ₹3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of ₹2000 banknotes was announced, has declined to ₹0.10 lakh crore as at the close of business on October 31, 2023. Thus, more than 97% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned," the RBI said in a circular.

The Reserve Bank, in pursuance of the “Clean Note Policy" on May 19 this year, decided to withdraw the ₹2000 denomination banknotes from circulation. While the public was asked to deposit the banknotes, the RBI said the banknotes will continue to be legal tender. The RBI further said the public can still deposit or exchange the ₹2,000 denomination banknotes at the 19 RBI offices in the country.

"Members of the public from within the country can send ₹2000 banknotes through India Post from any post office in the country, to any of the RBI Issue Offices for credit to their bank accounts in India," the central bank said. The ₹2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time. The objective of introducing ₹2000 banknotes was met once banknotes in other denominations became available in adequate quantities.