The Reserve Bank of India (RBI) reported that approximately 97.26% of the Rs 2,000 banknotes have been returned to the banking system, leaving only around Rs 9,760 crore still in circulation among the public.
Since the announcement of withdrawal on May 19, the total value of Rs 2,000 banknotes in circulation decreased from Rs 3.56 lakh crore to Rs 9,760 crore as of November 30, 2023.
Despite this reduction, the RBI confirmed that Rs 2,000 notes remain legal tender and can be deposited or exchanged at any of the 19 RBI offices across India. India Post also facilitates the sending of Rs 2,000 notes to RBI Issue Offices for credit to bank accounts.
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Initially, the deadline for depositing or exchanging these notes was September 30, later extended to October 7. As of October 8, individuals have the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 RBI offices.
There have been observed queues at RBI offices during working hours for the exchange or deposit of Rs 2,000 notes. These offices are located in major cities across India.
The Rs 2,000 banknotes were introduced in November 2016 following the demonetisation of the Rs 1,000 and Rs 500 notes that were then in circulation.