The Reserve Bank of India (RBI) on Thursday said 97.50 per cent of the ₹2,000 banknotes in circulation as on May 19, 2023, have been returned till January 31, 2024.

The total value of ₹2,000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2,000 banknotes was announced, has declined to ₹8,897 crore at the close of business on January 31, 2024, per a central bank statement.

RBI emphasised that ₹2,000 banknotes continue to be legal tender.

The central bank had announced the withdrawal of ₹2,000 banknotes on May 19, 2023, from circulation as these notes were not commonly used for transactions and the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public.

Then, RBI also said the withdrawal is in pursuance of its “Clean Note Policy”.