On Friday, the Reserve Bank of India (RBI) reported that nearly 97.26% of the Rs 2,000 bank notes have been returned to the banking system, leaving only around Rs 9,760 crore in public circulation. The decision to withdraw the Rs 2,000 denomination bank notes from circulation was announced by the RBI on May 19. As of November 30, 2023, the total value of Rs 2,000 bank notes in circulation has decreased from Rs 3.56 lakh crore on May 19, 2023, to Rs 9,760 crore. This implies that 97.26% of the high-value currency in circulation as of May 19 has been returned to the banking system. The RBI emphasized that Rs 2,000 bank notes continue to be legal tender.
Individuals can still deposit or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. Additionally, they have the option to send these bank notes through India Post from any post office to any RBI Issue Office for crediting to their bank accounts in India. Originally, the deadline for exchanging or depositing these notes in bank accounts was set for September 30, later extended to October 7. Both deposit and exchange services at bank branches were discontinued on October 7, and from October 8 onwards, individuals were given the choice to either exchange the currency or have the equivalent amount credited to their bank accounts at the 19 RBI offices. Queues have been observed during working hours at RBI offices for the exchange/deposit of Rs 2,000 notes. The 19 RBI offices facilitating these transactions are located in major cities across India. The Rs 2,000 bank notes were introduced in November 2016 following the demonetization of the then prevailing Rs 1,000 and Rs 500 bank notes.
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