More than 97% of Rs 2,000 note returned till October 31, says RBI

Since the withdrawal of the Rs 2,000 note announced by the Reserve Bank of India in May this year, more than 97 per cent of the notes have been returned till October 31.

"The total value of Rs 2,000 banknotes in circulation, which amounted to Rs 3.56 trillion as at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 0.10 trillion as at the close of business on October 31, 2023," RBI said in a statement on Wednesday.

"Thus, more than 97 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, have since been returned," the statement said.

The central bank reiterated that the Rs 2,000 banknotes continue to be legal tender.

The facility for deposit and/or exchange of the Rs 2,000 banknotes was available at all bank branches in the country initially up to September 30, 2023, which was later extended up to October 7, 2023.

The window for deposit and/or exchange of the Rs 2,000 banknotes continues to be available at the 19 Issue Offices of RBI.

"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.