Mumbai, March 1: 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. Rs 2,000 Notes Update: RBI Reports Sharp Decline in Circulation, 97.62% of Banknotes Returned.

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 deposit and/or exchange of the Rs 2000 banknotes was available at all bank branches in the country up to October 07, 2023. The facility for the exchange of the Rs 2000 banknotes has been available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023." the RBI release added. RBI Repo Rate Update: Reserve Bank of India Keeps Repo Rate Unchanged at 6.5%.

Since October 9, 2023, RBI Issue Offices have been 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 Rs2000 banknotes continue to be legal tender, the RBI adde.