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

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 ₹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.,

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.