The Reserve Bank of India (RBI) on Wednesday said that Rs 10,000 crore of Rs 2000 notes withdrawn from circulation on May 19 are yet to be returned to the banking system.
As of May 19, the total value of Rs 2000 notes in circulation was Rs 3.56 lakh crore. This has come down to Rs 10,000 crore as of the close of business on October 31, 2023, RBI said in a release.
“Thus, more than 97 percent of the Rs 2,000 notes in circulation have been refunded till May 19, 2023,” the RBI said in a press release. It said the Rs 2,000 note continues as a legal tender.
RBI said individuals and organizations can deposit or exchange Rs 2000 notes at 19 RBI issue offices.
Initially, the facility of depositing or exchanging Rs 2000 notes was available at all bank branches in the country till September 30, 2023, which was later extended till October 7. These high-value notes were allowed to be exchanged on 19 RBI Issue Offices from May 19.
Since October 9, RBI issuance offices, in addition to exchanging Rs 2,000 notes across the counter, are also accepting Rs 2,000 notes from individuals or companies to deposit in their bank accounts, the RBI said.
