RBI Reports Major Return of Rs 2000 Notes: What's Next?

The Reserve Bank of India announced that 98.12% of Rs 2000 banknotes have been returned to the banking system after their withdrawal was declared on May 19, 2023. Only Rs 6,691 crore of these notes remain with the public. Facilities for deposit and exchange continue at RBI and post offices.

The Reserve Bank of India (RBI) has revealed that 98.12 percent of the Rs 2000 banknotes issued have been returned to the banking system.

The RBI initially announced the withdrawal of the high-denomination note on May 19, 2023. At that time, the total value of Rs 2000 notes in circulation stood at Rs 3.56 lakh crore.

As of December 31, 2024, this value has significantly reduced to Rs 6,691 crore, signifying the vast return rate.

Customers were able to deposit or exchange these notes at all bank branches until October 7, 2023. However, they can still utilize the services at the 19 RBI issue offices across the country.

Additionally, the public is permitted to send their Rs 2000 banknotes through India Post to RBI issue offices for deposit.

Despite the withdrawal, the Rs 2000 notes remain legal tender, providing some leeway for those holding them.

These notes have been part of the Indian economy since they were introduced in November 2016, following the demonetisation of lower denominations.

As the remaining notes trickle into the banking system, the RBI continues to provide avenues for smooth transition and deposit.

(With inputs from agencies.)