97% Returned, Rs 10,000 Crore Still in Circulation

The Reserve Bank of India (RBI), led by Governor Shaktikanta Das, has successfully managed the return of over 97% of the Rs 2,000 banknotes that were discontinued. These notes were initially introduced in November 2016 to address issues related to counterfeiting and black money but were withdrawn from circulation on May 19, 2023. Despite their discontinuation, they remain legal tender.

As of October 31, 2023, the amount of Rs 2,000 notes still in circulation has diminished to Rs 10,000 crore, a significant decrease from Rs 3.56 lakh crore. The initial deadline for depositing or exchanging these notes was extended to October 7, and alternative methods, including post offices, were made available for users.

In response to service outages at bank branches, which resulted in lengthy queues at RBI offices nationwide, the RBI implemented solutions to facilitate the return of these notes. Options such as insured post and the use of a Triple Lock Receptacle (TLR) form were introduced, providing secure and convenient ways for individuals to return the notes without having to wait in line at bank branches.

Special provisions have been established at the Delhi regional office, which processed around 700 TLR forms and offers dedicated queues for those with fewer notes, as well as for senior citizens and individuals with disabilities. Additionally, individuals can utilize any of the RBI’s 19 offices, which include amenities like drinking water and shaded waiting areas, enhancing the overall experience for those returning the notes.