More than 97% of the Rs 2,000 banknotes have returned to the banking system and only about Rs 10,000 crore worth of the notes are still with the public, the Reserve Bank of India (RBI) has said.

On May 19, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation.

“The total value of Rs 2,000 banknotes 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 banknotes was announced, has declined to Rs 0.10 lakh crore as at the close of business on October 31, 2023,” the RBI said in a circular.

The public can deposit and/or exchange the Rs 2,000 banknotes at the 19 RBI offices across the country.

“Members of the public are requested to avail the facility of sending the Rs 2,000 bank notes through post offices of India Post. This will obviate the need for travel to RBI offices for deposit/exchange of the Rs 2,000 bank notes,” the central bank said.

The RBI initially asked public and entities holding the RS 2,000 notes to either exchange or deposit them in bank accounts by 30 September. The deadline was then extended to 7 October. Both deposit and exchange services at bank branches were discontinued on 7 October.

Starting 8 October, individuals have been provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at 19 offices of the RBI.