RBI says ₹2000 notes worth ₹9760 crore not deposited, exchanged

New Delhi: The Reserve Bank of India on Friday said 2000 denomination notes worth 9760 crore has not been deposited or exchanged. It said 97.26 percent of the banknotes in circulation on May 19, 2023, have either been deposited or exchanged.

A man standing in queue at RBI offices in Mumbai to swap <span class=
A man standing in queue at RBI offices in Mumbai to swap 2000 notes.(Hindustan Times)

The Reserve Bank of India had announced the withdrawal of 2000 denomination banknotes from circulation on May 19 this year.

The apex bank said the notes amounted to 3.56 lakh crore on May 19, 2023. The value in circulation on November 30 had plummeted to 9760 crore.

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“The total value of 2000 banknotes in circulation, which amounted to 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of 2000 banknotes was announced, has declined to 9,760 crore as at the close of business on November 30, 2023. Thus, 97.26% of the 2000 banknotes in circulation as on May 19, 2023, has since been returned,” it said in a release.

The RBI had allowed the masses to deposit or exchange 2000 banknotes at all bank branches across the country. Its initial deadline was September 30,2023, which was later extended to October 7, 2023.

The RBI said 2000 notes were legal tenders.

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The last date for the exchange of 2000 notes expired on October 7. However, the facility to exchange the notes continues at the RBI’s 19 offices.

“The facility for exchange of the 2000 banknotes was also available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 from May 19, 2023. From October 09, 2023, RBI Issue Offices, in addition to exchanging 2000 denomination banknotes across the counters, are also accepting 2000 banknotes from individuals/entities for deposit to their bank accounts. Further, members of the public from within the country can send 2000 banknotes through India Post from any post office in the country, to any of the RBI Issue Offices for credit to their bank accounts in India,” it said in its statement.

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