98.47 pc of Rs 2,000 notes returned since withdrawal announcement: RBI

Mumbai: The Reserve Bank of India on Friday said that 98.47 per cent of the Rs 2,000 denomination banknotes in circulation have been returned, nearly three years after it announced their withdrawal.

The central bank had declared the withdrawal of Rs 2,000 notes from circulation on May 19, 2023, as part of its currency management exercise.

At that time, the total value of such notes in circulation stood at Rs 3.56 lakh crore. According to the latest data, this figure has now sharply declined to Rs 5,451 crore as of April 30, 2026.

“The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 5,451 crore at the close of business on April 30, 2026,” the central bank said.

“Thus, 98.47 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, have since been returned,” the RBI said in a statement.

The facility to exchange Rs 2,000 banknotes has been available at 19 RBI issue offices since the withdrawal announcement.

Since October 9, 2023, these offices have also been accepting the notes for deposit into bank accounts.

The central bank added that members of the public can continue to send Rs 2,000 banknotes through India Post from any post office across the country to RBI issue offices for credit into their bank accounts.

“From October 9, 2023, RBI Issue Offices are also accepting Rs 2,000 banknotes from individuals/entities for deposit into their bank accounts,” RBI stated.

“Further, members of the public are sending Rs 2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts,” the central bank added.

The RBI also clarified that despite their withdrawal and return, the Rs 2,000 banknotes continue to remain legal tender.

–IANS