The Reserve Bank of India (RBI) has disclosed that by October 31, 2023, 97% of the ₹2000 notes have been returned to the banking system. RBI informed that the facility to deposit or exchange the ₹2000 notes is available at its 19 offices. The central bank has urged the public to use post offices for depositing ₹2000 notes without the need to travel to RBI offices.
In a statement, RBI stated that on May 19, 2023, ₹2000 notes worth ₹3.56 lakh crore were in circulation, but this has now reduced to ₹10,000 crore or 0.10% by October 31, 2023. RBI further clarified that as of May 19, 2023, 97% of the ₹2000 notes have been returned.
Previously, the option to deposit or exchange ₹2000 notes in banks was available until September 20, 2023, but this deadline was extended by RBI until October 7, 2023. From October 9, 2023, RBI’s regional offices have also been facilitating the deposit or exchange of ₹2000 notes. Additionally, the postal service is now available for citizens to deposit ₹2000 notes, for which RBI has issued an application format.
RBI has reiterated that ₹2000 notes will remain legal tender. It’s worth noting that on May 19, 2023, RBI had announced the decision to withdraw ₹2000 notes from circulation under its clean note policy. Although ₹2000 notes are no longer in circulation, they remain legally valid.