Rs 2000 notes: RBI reveals over 97% of Rs 2,000 notes returned, Rs 10,000 crore worth notes still in circulation

2023-11-01 12:49:50

The Reserve Bank of India (RBI) on Wednesday said that it has received more than 97 per cent of Rs 2,000 notes, however, notes worth Rs 10,000 crore are still with public.

In May 2023, the RBI had made an official announcement regarding the withdrawal of Rs 2,000 denomination banknotes from circulation. In a recent circular, the RBI shared that the total value of Rs 2,000 banknotes in circulation, which stood at Rs 3.56 lakh crore as of May 19, 2023, has now diminished to just Rs 0.10 lakh crore as of October 31, 2023.

This signifies that more than 97 per cent of the Rs 2,000 banknotes that were in circulation as of May 19, 2023, have been returned to the banking system.

For the convenience of the public, the RBI has established 19 offices across the country where individuals can deposit and/or exchange the Rs 2,000 banknotes. Additionally, the central bank has encouraged people to use India Post’s post offices for the same purpose, eliminating the need to travel to RBI offices for the deposit or exchange of these notes.

However, it’s worth noting that despite these facilities, there have been reports of long queues at RBI offices during working hours as individuals seek to exchange or deposit their Rs 2,000 notes

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