98.44% RS 2,000 BANKNOTES RETURNED TO RBI; WHAT AMOUNT OF CURRENCY STILL IN CIRCULATION
Rs 2,000 Banknotes: After the Rs 2,000 banknotes were withdrawn by the Reserve Bank of India (RBI) in May 2023, 98.44 per cent of the currency in circulation has been returned, the RBI has informed. The Rs 2,000 notes were introduced after the demonetisation of the Rs 1,000 notes and Rs 500 notes in 2016. However, the government later decided to remove the Rs 2,000 denomination of notes from circulation.
Exchange Facility Available Since May 2023
Following the RBI announcement, Rs 2,000 notes can be exchanged at 19 RBI Issue Offices from May 19, 2023. These Rs 2,000 notes will also be accepted by individuals and companies for deposit in their bank accounts.
In addition, RBI is getting Rs 2,000 notes from individuals through India Post for deposit in their bank accounts.
Rs 5,551 Crore Still In Circulation
The statement said that the total value of Rs 2,000 notes at the close of business on May 19, 2023, had declined to Rs 5,551 crore from Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 notes was announced.
Is a further deposit possible?
The central bank further stated that the Rs 2,000 note remains legal tender, meaning the person or organisation who has Rs 2,000 notes can either deposit them at official RBI centres by visiting or it can e done through post as well.
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