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Since withdrawal, 98% of 2,000 notes have been returned: RBI

PTI |
Oct 01, 2024 08:40 PM IST

The Reserve Bank of India reported that 98% of ₹2,000 notes have been returned since their withdrawal announcement in May 2023.

The Reserve Bank of India on Tuesday said 98 per cent of the 2,000 denomination notes have been returned since its May 2023 move to withdraw the currency notes.

The RBI announced that 98% of <span class='webrupee'>₹</span>2,000 notes have been returned since May 2023, with their total value dropping to <span class='webrupee'>₹</span>7,117 crore. These notes can still be exchanged at RBI offices.(AFP)
The RBI announced that 98% of 2,000 notes have been returned since May 2023, with their total value dropping to 7,117 crore. These notes can still be exchanged at RBI offices.(AFP)

The total value of notes of the denomination has reduced to 7,117 crore from the 3.56 lakh crore on May 19, 2023, the central bank said.

"98 per cent of the 2000 banknotes in circulation as on May 19, 2023, has since been returned," the RBI said.,

Read more: RBI announces three new external members ahead of MPC meet: Who are they

On May 19, 2023, the RBI announced a surprise decision to withdraw the 2,000 currency notes. The move was prompted on quality concerns and the denomination introduced after the demonetisation of November 2016 fulfilling its purpose.

The central bank said 2,000 notes continue to be legal tender and can be exchanged at 19 issue offices of the RBI either physically or sent by post for a credit into bank accounts.

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