As of December 29, the Reserve Bank of India (RBI) has reported that the total value of ₹2,000 banknotes has decreased to ₹9,330 crore. This indicates that 97.38% of the ₹2,000 banknotes, introduced during the demonetization phase, have been returned.
Initially, the total value of the ₹2,000 banknotes in circulation was ₹3.56 lakh crore as of May 19, 2023, when the withdrawal was announced. Since then, the RBI has provided the facility for the exchange of ₹2,000 banknotes at 19 issue offices since May 19, 2023.
From October 9, 2023, RBI issue offices have also been accepting ₹2,000 banknotes from individuals and entities for deposit into their bank accounts. Additionally, members of the public within the country have the option to send ₹2,000 banknotes through India Post from any post office to any RBI issue office for credit to their bank accounts, as outlined in the RBI statement.
It's essential to note that despite the decline in the total value of ₹2,000 banknotes, they continue to be legal tender. This information provides insights into the utilization and circulation of high-denomination currency notes in the economy.
(With Agency Inputs)
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