97.26% Rs 2000 banknotes returned to RBI; circulation down to Rs 9,760 cr

In May the circulation of the Rs 2,000 banknote amounted to Rs 3.56 trillion, this has now gone to Rs 9,760 cr as of November 30

As of the end of November, 97.26 per cent of the Rs 2000 banknote have been returned to the Reserve Bank of India (RBI), according to a notice released by the regulator on Friday. The RBI also announced that the circulation amount of the note had declined from Rs 3.56 trillion in May to Rs 9,760 crore at the end of November.

At the end of October, the RBI had revealed that 97 per cent of the Rs 2000 denomination banknotes had been returned to the regulator. Since then, the RBI has only recorded a 0.26 percentage point increase in returns. The circulation amount of the note at the time was Rs 10,000 crore.

The Reserve Bank had announced the discontinuation of the Rs 2000 banknote on May 19, 2023 and had given a deadline of September 30 for all notes to be returned to banks. This facility to deposit or exchange the notes at all bank branches was further extended to October 7, 2023. From October 9 onwards, the RBI had allowed the exchange of banknotes from individuals through RBI Issue Offices.

Also read: RBI is accepting Rs 2000 notes via post too: Here's a step-by-step guide
 

"Members of the public are requested to avail the facility of sending the Rs 2,000 banknotes through post offices of India Post. This will obviate the need for travel to RBI Offices for deposit/exchange of the Rs 2,000 banknotes," RBI added.

The central bank added that the Rs 2000 banknotes continue to be legal tender.