More than 97% of Rs 2,000 banknotes have been returned to banks, leaving Rs 10,000 crore with the public, according to the RBI. Public deposits and exchanges are offered at 19 RBI sites. The RBI’s announcement aids demonetization.
On Wednesday, the RBI announced 97% of Rs 2,000 banknotes returned to banks. The Central Bank stated just Rs 10,000 crore of such notes circulate.
The RBI said, “The total value of Rs 2,000 banknotes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 0.10 lakh crore as at the close of business on October 31, 2023.”
RBI said about 97% of Rs 2,000 banknotes in circulation on May 19, 2023, were returned.
The public can deposit and exchange Rs 2,000 banknotes at 19 RBI offices.
India Post encourages the public to submit ₹2000 banknotes through its shops.
The central bank announced that this will reduce the requirement to visit RBI branches for deposit/exchange of ₹2000 banknotes.
Meanwhile, RBI offices have long lineups for Rs 2,000 currency exchange/deposit during working hours.
Conclusion
Over 97% of Rs 2,000 banknotes in circulation have been returned to banks, indicating that the public has generally complied with the RBI’s request. The public holds only Rs 10,000 crore of these notes, suggesting they may be deposited or exchanged soon. To make it easy for citizens who cannot exchange Rs 2,000 notes at their local bank, 19 RBI offices accept deposits and exchanges. The RBI has also requested the public to send Rs 2,000 banknotes through India Post offices to speed up note exchange, especially for rural residents. The RBI’s announcement aids demonetization.
