RBI informs Rs 2000 notes totaling Rs 9760 crore still with public

Pune Pulse

Rs 2,000 notes can be exchanged from post office too: RBI

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The banking system has received almost 97.26 percent of the Rs 2,000 bank notes, as stated by the Reserve Bank of India (RBI) on Friday. Rs 9,760 crore worth of these notes remain in the possession of the public.

On the 19th of May, the RBI made an announcement regarding the discontinuation of Rs 2,000 denomination bank notes in circulation.

In a statement, the RBI announced that the total value of Rs 2,000 bank notes in circulation, which was Rs 3.56 lakh crore as of May 19, 2023 when the withdrawal of Rs 2,000 bank notes was declared, has now decreased to Rs 9,760 crore as of November 30, 2023.

As of May 19, 2023, it has been reported that 97.26 percent of the high-value currency in circulation has been successfully returned to the banking system. The public and entities in possession of these notes were initially instructed to exchange or deposit them in bank accounts by September 30.

The deadline was further extended until October 7th. On October 7th, the bank branches ceased offering both deposit and exchange services. From October 8th onwards, individuals have been given the option to either exchange the currency or have the equivalent amount credited to their bank accounts at any of the 19 RBI offices.

During the working hours at the RBI offices, queues can be observed for the exchange or deposit of Rs 2,000 notes. The bank notes can be deposited or exchanged at 19 RBI offices located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

The introduction of the Rs 2,000 bank notes took place in November 2016 as a result of the demonetisation of the existing Rs 1,000 and Rs 500 bank notes.