The Reserve Financial institution of India (RBI) on Wednesday stated greater than 97 in keeping with cent of the ₹2,000 banknotes in circulate as on Would possibly 19, 2023, were returned through October 31, 2023, at the same time as the remainder notes in circulate proceed to be criminal mushy.

The central financial institution, in its replace on withdrawal of ₹2,000 denomination banknotes, underscored that the full worth of ₹2,000 banknotes in circulate, which amounted to ₹3.56 lakh crore as on the shut of commercial on Would possibly 19, 2023 when their withdrawal was once introduced, has declined to ₹10,000 crore as on the shut of commercial on October 31, 2023.

Whilst the ability for deposit and /or change of the ₹2,000 banknotes in any respect financial institution branches within the nation ended on October 7, 2023, the RBI stated from October 9, 2023, its Factor Workplaces, along with exchanging those banknotes around the counters, also are accepting them from people / entities for deposit to their financial institution accounts.

Additional, participants of the general public from throughout the nation can ship ₹2,000 banknotes thru India Put up from any publish place of business within the nation, to any of the RBI Factor Workplaces for credit score to their financial institution accounts in India.

“The window for deposit and /or change the ₹2,000 banknotes is still to be had on the 19 Factor Workplaces of RBI.

“Individuals of the general public are asked to avail the ability of sending the ₹2,000 banknotes thru publish workplaces of India Put up. This may occasionally obviate the desire for go back and forth to RBI Workplaces for deposit / change of the ₹2,000 banknotes,” the central financial institution stated.

The RBI initiated the workout for withdrawal of ₹2,000 banknotes on Would possibly 19 as the target of introducing them (to fulfill the foreign money requirement of the financial system after the withdrawal of criminal mushy standing of all ₹500 and ₹1,000 banknotes in circulate within the November-December 2016 duration) was once met as soon as banknotes in different denominations was to be had in ok amounts.

“About 89 in keeping with cent of the ₹2,000 denomination banknotes had been issued previous to March 2017 and are on the finish in their estimated life-span of 4-5 years…It has additionally been noticed that this denomination isn’t repeatedly used for transactions. Additional, the inventory of banknotes in different denominations is still ok to fulfill the foreign money requirement of the general public.

“In view of the above, and in pursuance of the “Blank Notice Coverage” of the Reserve Financial institution of India, it’s been made up our minds to withdraw the ₹2,000 denomination banknotes from circulate,” the central financial institution stated in a commentary on Would possibly 19, 2023.