Mumbai, Feb 1 (IANS): The total value of Rs 2,000 banknotes in circulation, has declined to Rs 8,897 crore at the close of business on January 31, 2024.

Thus, 97.50 per cent of the Rs 2,000 banknotes that were in circulation as on May 19, 2023, when the withdrawal was announced have been returned, the RBI said on Thursday.

The total value of Rs 2,000 banknotes was Rs 3.56 lakh crore at the close of business on May 19, 2023.

The facility for exchange of the Rs 2,000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023.

From October 9, 2023, RBI Issue Offices are also accepting ?2000 banknotes from individuals/entities for deposit into their bank accounts.

Further, members of the public from within the country are sending Rs 2,000 banknotes through India Post from any post office in the country, to any of the RBI Issue Offices for credit to their bank accounts, the central bank said.

The Rs 2,000 banknotes continue to be legal tender, it added.