RBI Reveals: Over 97.62% of Rs 2,000 Currency Notes Circulated Back Into Banking System

The Reserve Bank of India (RBI) said that nearly 97.62 per cent of the 2,000 rupees bank notes have returned to the banking system, and only about 8,470 crore rupees worth of the withdrawn notes are still with the public.

On May 19th, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation.

The RBI, in its statement, said that the total value of Rs 2,000 banknotes in circulation, was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced. Now, it has declined to Rs 8,470 crore at the close of business on February 29, 2024.

Thus, the apex bank added that 97.62 per cent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have since been returned. RBI further said, the Rs 2,000 banknotes continue to be legal tender.