97.76% of ₹2000 currency notes returned to system: RBI

The remaining amount reflects the fraction of notes yet to be returned since the withdrawal announcement

Digital Desk: The Reserve Bank of India (RBI) disclosed that 97.76% of the ₹2000 denomination banknotes have been reintegrated into the banking system, leaving only ₹7,961 crore of the withdrawn notes still in circulation among the public. This marks a substantial decline from the total value of ₹3.56 lakh crore in ₹2000 banknotes that were in circulation when their withdrawal was announced on May 19, 2023. 

According to the RBI statement, the remaining amount reflects the fraction of notes yet to be returned since the withdrawal announcement. "97.76 per cent of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned," it said.

Despite the majority of the ₹2000 banknotes being returned, they continue to be recognised as legal tender. Individuals still possessing these notes have options for depositing or exchanging them at 19 RBI offices across India or sending them via India Post to any RBI Issue Office for crediting to their bank accounts.

Initially, entities holding these notes were instructed to exchange or deposit them in bank accounts by September 30, 2023, later extended to October 7, 2023. Following this, deposit and exchange services at bank branches ceased. Since October 8, 2023, individuals have been able to either exchange the currency or have the equivalent sum credited to their bank accounts at the designated RBI offices.

The introduction of ₹2000 banknotes in November 2016 followed the demonetization of the existing ₹1000 and ₹500 banknotes.