The Reserve Bank of India (RBI) reported a decrease in the total value of Rs 2,000 banknotes in circulation, amounting to Rs 9,760 crore as of November 30, 2023. This figure represents 97.26 percent of the Rs 2,000 banknotes that were in circulation on May 19, 2023.
Initially, the total value of Rs 2,000 banknotes in circulation stood at Rs 3.56 lakh crore when their withdrawal was announced. The facility for depositing or exchanging these notes was accessible at all bank branches across the country until September 30, which was later extended to October 7. Additionally, the 19 Issue Offices of the RBI provided the facility for exchanging these banknotes.
Furthermore, apart from over-the-counter exchanges, RBI offices have been accepting Rs 2,000 denomination banknotes from individuals and entities for deposit into their bank accounts. Individuals within the country have the option to send Rs 2,000 banknotes through India Post from any post office to any RBI Issue Office for credit to their bank accounts in India.
It's important to note that Rs 2,000 banknotes continue to hold the status of legal tender.
(With Agency Inputs)