RBI reports ₹2000 notes worth ₹9760 crore remain undeposited or unexchanged

The Reserve Bank of India (RBI) disclosed on Friday that ₹2000 denomination banknotes amounting to ₹9760 crore have not been deposited or exchanged following the withdrawal announcement on May 19, 2023. As of November 30, 2023, the total value of ₹2000 notes in circulation has seen a substantial decline from ₹3.56 lakh crore to ₹9760 crore.

According to the RBI, 97.26% of the ₹2000 banknotes in circulation on the specified withdrawal date have been returned through deposits or exchanges.The RBI initially set the deadline for depositing or exchanging ₹2000 banknotes at all branches across the country for September 30, 2023, later extending it to October 7, 2023.

Despite the expiry of the exchange deadline, the central bank continues to accept these notes at its 19 offices. The RBI emphasized that ₹2000 notes remain legal tender, and individuals or entities can still deposit them into their bank accounts through various channels, including exchanges at RBI offices and sending notes via India Post.

The decline in the value of ₹2000 notes in circulation underscores the significant proportion of the population complying with the withdrawal initiative.