The Reserve Bank of India, on Wednesday, said that more than 97% of the ₹2,000 banknotes in circulation have been returned to the banking system, and only ₹10,000 crore worth of such notes are still with the public. On May 19 this year, the RBI announced the withdrawal of ₹2,000 denomination banknotes from circulation.

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"The total value of ₹2,000 banknotes in circulation, which amounted to ₹3.56 lakh crore as at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, has declined to ₹0.10 lakh crore as at the close of business on October 31, 2023," it said in a circular. Thus, RBI added, that more than 97% of the ₹2,000 banknotes in circulation as on May 19, 2023, have since been returned.

The public can deposit and/or exchange the ₹2,000 banknotes at the 19 RBI offices in the country. "Members of the public are requested to avail the facility of sending the ₹2,000 banknotes through post offices of India Post. This will obviate the need for travel to RBI offices for deposit/exchange of the ₹2,000 banknotes," the central bank said.

Meanwhile, long queues are being witnessed during working hours at the RBI offices for exchange/deposit of ₹2,000 notes.

Also Read: Rs 2,000 notes worth Rs 10,000 crore left in system: RBI Governor