On Monday, the Reserve Bank of India (RBI) reported that approximately 97.38% of the Rs 2000 bank notes have re-entered the banking system, leaving only around Rs 9,330 crore worth of these notes in public possession.
The RBI had earlier declared the withdrawal of Rs 2,000 denomination banknotes from circulation on May 19.
“The RBI reiterated that Rs 2,000 banknotes remain legal tender. Individuals can deposit or exchange these notes at any of the 19 RBI offices nationwide. Additionally, they have the option to send Rs 2,000 banknotes through India Post from any post office to an RBI Issue Office for crediting the amount to their Indian bank accounts.
Initially, individuals and entities possessing these notes were instructed to either exchange or deposit them into bank accounts by September 30.
Subsequently, the deadline was extended to October 7. However, deposit and exchange services at bank branches ceased on October 7.
The Rs 2,000 banknotes were introduced in November 2016 after the demonetisation of the existing Rs 1,000 and Rs 500 banknotes.Â
Since October 8, individuals have the option to exchange the currency or receive the equivalent amount credited to their bank accounts at the 19 RBI offices. At these offices, queues have been observed during working hours as people line up for the exchange or deposit of Rs 2,000 notes.
