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2000 rupee notes worth Rs.9,330 crore are still with public: RBI


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The Reserve Bank of India (RBI) reported on Monday that approximately 97.38% of the Rs 2,000 banknotes have been returned to the banking system, leaving only around Rs 9,330 crore in public circulation.

On May 19, the RBI declared the withdrawal of Rs 2,000 denomination banknotes. According to the RBI’s statement, the total value of Rs 2,000 banknotes in circulation, which was Rs 3.56 lakh crore as of May 19, 2023, has decreased to Rs 9,330 crore as of December 29, 2023. Consequently, 97.38% of the high-value currency in circulation as of May 19, 2023, has been reintegrated into the banking system.

The RBI emphasized that Rs 2,000 banknotes remain legal tender. Individuals can deposit or exchange these notes at any of the 19 RBI offices nationwide. Additionally, they have the option to send Rs 2,000 banknotes through India Post from any post office to any RBI Issue Office for crediting to their bank accounts in India.

Initially, the public and entities holding such notes were required to exchange or deposit them in bank accounts by September 30, with the deadline later extended to October 7. Deposit and exchange services at bank branches ceased on October 7, and from October 8 onwards, individuals were given the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 RBI offices.

Notably, queues have been observed during working hours at the RBI offices for the exchange or deposit of Rs 2,000 notes. The 19 RBI offices facilitating the deposit/exchange of banknotes are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

Introduced in November 2016 following the demonetization of the then-prevailing Rs 1,000 and Rs 500 banknotes, Rs 2,000 banknotes continue to be part of the legal tender.

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