RBI Reports 98.47% of ₹2000 Notes Returned to Banking System

Significant Return of ₹2000 Notes

The Reserve Bank of India (RBI) announced on Friday that 98.47% of ₹2000 denomination notes have been returned to the banking system. According to RBI data, when the decision to withdraw these notes from circulation was made on May 19, 2023, their total value in the market was ₹3.56 lakh crore. As of now, this amount has significantly decreased to just ₹5,451 crore, which is expected to remain until April 30, 2026. The RBI confirmed that by May 19, 2023, a substantial portion of the ₹2000 notes in circulation had been returned.

Exchange and Deposit Options for ₹2000 Notes

The RBI continues to offer the option to exchange and deposit ₹2000 notes at its 19 regional offices. Starting from October 2023, these offices will also allow direct deposits into bank accounts. Citizens can send their ₹2000 notes from any post office in the country to any RBI regional office to deposit the amount into their bank accounts. The RBI reiterated that ₹2000 notes remain legal tender, although they are being gradually phased out.