Mumbai: The Reserve Bank of India (RBI) said on Friday that nearly 97.62 per cent of the Rs 2000 banknotes in circulation have been returned to the banking system.

According to RBI, the total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore on May 19, 2023, when the withdrawal was announced, has declined to Rs 8,470 crore at the close of business on February 29.

The Rs 2000 banknotes continue to be legal tender, the central bank said.

The facility for exchange of the Rs 2000 banknotes is available at the 19 Issue Offices of the Reserve Bank since May 19, 2023.

From October 9, 2023, RBI Issue Offices are also accepting Rs 2000 banknotes from individuals as well as 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.

(IANS)