MUMBAI: Only over Rs 10,000 crore worth of bank notes are still in circulation, according to the Reserve Bank of India (RBI), which stated on Wednesday that more than 97% of the Rs 2,000 notes have been reinserted into the financial system. The RBI declared on May 19 that banknotes with a denomination of Rs 2,000 will no longer be in circulation. “The total value of Rs 2,000 bank notes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of Rs 2,000 bank notes was announced, has declined to Rs 0.10 lakh crore as at the close of business on October 31, 2023,” the circular stated.As a result, the central bank reported that over 97% of the Rs 2,000 bank notes that were in circulation as of May 19, 2023, had been returned. The public can deposit and/or exchange the two thousand rupee notes at any of the nation’s 19 RBI offices. “The people is kindly asked to use the option of mailing the Rs 2,000 bank notes via India Post post outlets. As a result, there will be no need to visit RBI offices in order to deposit or exchange the Rs 2,000 bank notes,” the central bank stated. The initial request was made to the public and entities holding these notes to exchange or deposit them in bank accounts by September 30.October 7 was added to the deadline. On October 7, deposit and exchange services at bank locations were stopped. At 19 RBI offices, people have had the option of exchanging their currency or having the same amount credited to their bank accounts as of October 8. In the meantime, lengthy lines are seen at RBI offices during business hours to exchange or deposit Rs 2,000 notes. Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram are the 19 RBI offices that deposit and exchange bank notes. November 2016 saw the introduction of the Rs 2,000 bank notes, which replaced the then-current Rs 1,000 and Rs 500 bank notes.
