Rs. 8,897 crore of Rs. 2,000 notes yet to return to RBI

The Reserve Bank of India (RBI) said Rs 8,897 crore of Rs 2,000 bank notes, which were withdrawn from circulation from May last year, are yet to be returned to the banking system.

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 8,897 crore at the close of business on December 29, 2023, the RBI said in a release.

As much as 97.50 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned, the release said, adding that these notes continue to remain legal tender.