The Reserve Bank of India (RBI) has said that Rs.2000 notes worth Rs.6970 crore have not yet returned. These notes are still with public. RBI had announced the withdrawal of ₹2000 denomination banknotes from circulation on May 19, 2023.
- Deposit and Exchange Period at Banks: The option to deposit or exchange ₹2000 banknotes at all bank branches across India was available until October 7, 2023.
- Ongoing Exchange at RBI Issue Offices: Since May 19, 2023, individuals can continue exchanging ₹2000 notes at the RBI’s 19 Issue Offices. From October 9, 2023, these offices also accept ₹2000 notes for deposit into bank accounts. Additionally, the public can send ₹2000 notes through India Post from any post office to an RBI Issue Office for account credit.
- Decline in Circulation: The total value of ₹2000 notes in circulation, which was ₹3.56 lakh crore as of May 19, 2023, has significantly dropped to ₹6970 crore as of October 31, 2024. Thus, 98.04% of the notes originally in circulation have been returned.
- Legal Tender Status: Despite the withdrawal, ₹2000 banknotes remain legal tender.
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