Over 98% Rs 2000 banknotes returned; Rs 6,970 crore worth notes still in circulation: RBI [Video]

The Reserve Bank of India (RBI) recently announced that over 98 per cent of the Rs 2000 banknotes, which were in circulation as of May 19, 2023, have now been returned. This significant return of high-value currency notes indicates the effectiveness of the withdrawal strategy implemented by the RBI. The total value of such notes outside the banking system has come down to Rs 6970 crore at the close of business on October 31, 2024.

The total value of these banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced. This means that less than 2 per cent of them are still in circulation. Despite the withdrawal, the Rs 2000 banknotes continue to be legal tender, and the facility for their exchange is available at the 19 Issue Offices of the Reserve Bank since …