Mumbai:

The Reserve Bank of India (RBI) on Monday said that nearly 97.69% of Rs 2,000 denomination notes have been returned to the banking system and only notes worth Rs 8,202 crore are still in the hands of the public.

On May 19, 2023, the Reserve Bank of India announced that it would stop circulating 2,000 rupee notes.

By the time the withdrawal of Rs 2,000 notes was announced at the close of May 19, 2023, the total value of Rs 2,000 notes in circulation had fallen to Rs 8,202 crore at the close of March. The Reserve Bank of India said in a statement on February 29, 2024.

“Consequently, 97.69 per cent of the Rs 2,000 notes in circulation have been returned as on May 19, 2023,” it added.

The 2,000 rupee note remains legal tender.

People can deposit and/or exchange Rs 2,000 notes at 19 RBI offices across the country. People can also send Rs 2,000 notes through India Post from any post office to any RBI issuance office and then deposit it into their bank account in India.

Public and private entities holding such notes were initially given until September 30, 2023 to redeem or deposit them into bank accounts. The deadline was later extended to October 7, 2023. Deposit and exchange services at bank branches have been suspended on October 7, 2023.

From October 8, 2023, individuals can choose to exchange currency or deposit the equivalent amount into bank accounts at 19 offices of the Reserve Bank of India.

The 19 RBI offices where currency notes are deposited/exchanged are located in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad , Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.

The Rs 2,000 note was introduced in November 2016, following the demonetization of the then popular Rs 1,000 and Rs 500 notes.

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