RBI says 98.42 pc of withdrawn Rs 2,000 banknotes returned

Mumbai: The Reserve Bank of India (RBI) on Monday said 98.42 per cent of the Rs 2,000 banknotes in circulation have been returned.

The RBI had announced the withdrawal of Rs 2,000 denomination banknotes from circulation on May 19, 2023.

"The total value of Rs 2,000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 5,609 crore at the close of business on January 31, 2026," the central bank said in a statement.

Thus, 98.42 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned, it said.

A facility for deposit and/or exchange of the Rs 2,000 banknotes was available at all bank branches in the country up to October 7, 2023. From October 9, 2023, the RBI's 19 issue offices are also accepting Rs 2,000 banknotes from individuals/entities for deposit into their bank accounts.

Apart from this, members of the public are sending Rs 2,000 banknotes through India Post from any post office within the country to any of the RBI Issue Offices for credit to their bank accounts, an official statement said.

The total value of Rs 2,000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, the RBI said, stressing that the bills continue to be a legal tender.