97.6 pcs of Rs 2000 banknotes returned by Feb 29: RBI

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Mumbai: After the Reserve Bank of India’s announcement of the withdrawal of Rs 2000 notes from circulation on May 19, 2023, as of now, the total value of Rs 2000 banknotes in circulation has been declined to Rs 8470 crore at the close of business on February 29, 2024, RBI said.

“The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8470 crore at the close of business on February 29, 2024. 97.6 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, have since been returned, the RBI added.” the RBI release said

The Reserve Bank of India (RBI) had announced the withdrawal of Rs 2000 denomination banknotes from circulation on May 19, 2023. The status of withdrawals of Rs 2000 banknotes is periodically published by the RBI. The last press release in this regard was published on February 1, 2024.

“The facility for exchange of the Rs 2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting Rs 2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending Rs 2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts”, the RBI release added. The Rs2000 banknotes continue to be legal tender, the RBI added.

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