RBI reports over 97% return of Rs 2,000 banknotes

As of November 30, 2023, the Reserve Bank of India (RBI) disclosed that more than 97% of the Rs 2,000 banknotes, with a total value now amounting to Rs 9,760 crore, have been returned. This marks a significant decrease from the initial circulation value of Rs 3.56 lakh crore when the withdrawal was initially announced.

By May 19, 2023, 97.26% of the Rs 2,000 banknotes in circulation had already been returned.

The option for depositing or exchanging Rs 2,000 banknotes was initially open at all bank branches until September 30, with an extension until October 7. Furthermore, individuals and entities could also exchange these banknotes at the 19 Issue Offices of the RBI.

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The central bank is not only facilitating in-person exchanges but is also accepting Rs 2,000 banknotes for deposit into bank accounts. Additionally, members of the public can send these banknotes through India Post from any post office in the country to RBI Issue Offices for crediting to their bank accounts.

Despite the return of the majority of Rs 2,000 banknotes, it's crucial to note that they continue to be legal tender.

(With input from IANS)