RBI reports that over 97% of the Rs. 2,000 notes were returned.

Up until October 31, over 97% of the Rs 2,000 notes that were announced to be withdrawn by the Reserve Bank of India in May of this year had been returned.

“The total value of Rs 2,000 banknotes in circulation, which amounted to Rs 3.56 trillion as at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 0.10 trillion as at the close of business on October 31, 2023,” the Reserve Bank of India stated in a statement.

“Thus, more than 97 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, have since been returned,” said the statement.

The Rs 2,000 banknotes are still valid forms of payment, the central bank reaffirmed.

Initially available at all bank branches nationwide until September 30, 2023, the option to deposit and/or exchange the Rs 2,000 banknotes was later extended until October 7, 2023.

The RBI’s 19 Issue Offices are still open for deposits and/or exchanges of the Rs 2,000 banknotes.

“The public is asked to use the option of sending the Rs 2,000 banknotes through India Post post offices. This will eliminate the requirement to visit RBI offices in order to deposit or exchange the Rs 2,000 banknotes,” the RBI continued.

Up until October 31, over 97% of the Rs 2,000 notes that were announced to be withdrawn by the Reserve Bank of India in May of this year had been returned.

“The total value of Rs 2,000 banknotes in circulation, which amounted to Rs 3.56 trillion as at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 0.10 trillion as at the close of business on October 31, 2023,” the Reserve Bank of India stated in a statement.

“Thus, more than 97 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, have since been returned,” said the statement.

The Rs 2,000 banknotes are still valid forms of payment, the central bank reaffirmed.

Initially available at all bank branches nationwide until September 30, 2023, the option to deposit and/or exchange the Rs 2,000 banknotes was later extended until October 7, 2023.

The RBI’s 19 Issue Offices are still open for deposits and/or exchanges of the Rs 2,000 banknotes.

“The public is asked to use the option of sending the Rs 2,000 banknotes through India Post post offices. This will eliminate the requirement to visit RBI offices in order to deposit or exchange the Rs 2,000 banknotes,” the RBI continued.