Over 98% of Rs 2000 Currency Notes Returned to Banking System

Mumbai, December 31, 2024: The Reserve Bank of India (RBI) announced on Wednesday that an impressive 98.12 per cent of the Rs 2000 denomination banknotes have been returned to the banking system, leaving only a small fraction of worth Rs 6,691 crore still in public circulation.

The RBI made this revelation as part of its bi-monthly monetary policy review, which also showed the decline in total value of Rs 2000 banknotes from Rs 3.56 lakh crore on May 19, 2023 to just Rs 6,691 crore at the close of business on December 31, 2024.

The central bank's move to withdraw Rs 2000 denomination currency notes from circulation was announced on May 19, 2023, in an effort to curb black money and counterfeit notes. Since then, the country has seen a significant reduction in the number of unaccounted for currency notes circulating in the economy.