The Reserve Bank of India (RBI) on Wednesday said that more than 97 per cent of the Rs 2,000 banknotes in circulation had been returned to the banking system and only Rs 10,000 crore worth of such notes were still with the public. On May 19 this year, the RBI had announced the withdrawal of Rs 2,000 denomination banknotes from circulation.

“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,” it said in a circular. Thus, RBI added, that more than 97 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, had since been returned. 

The public can deposit or exchange the Rs 2,000 banknotes at the 19 RBI offices in the country. “Members of the public are requested to avail (sic) the facility of sending the Rs 2,000 banknotes through post offices of India Post. This will obviate the need for travel to RBI offices for deposit/exchange of the Rs 2,000 banknotes,” the central bank said.

Meanwhile, long queues are being witnessed during working hours at the RBI offices for exchange/deposit of Rs 2,000 notes.