The withdrawal of the notes had been announced in May.
The Reserve Bank on Wednesday said more than 97 per cent of the Rs 2,000 banknotes in circulation have been returned to the banking system, and such notes worth only Rs 10,000 crore are still with the public.
On May 19 this year, the RBI had announced the withdrawal of banknotes of the the Rs 2,000 denomination from circulation.
"The total value of Rs 2,000 banknotes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 0.1 lakh crore as at the close of business on October 31, 2023," it said in a circular.
Thus, the RBI added, more than 97 per cent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have since been returned.
People can deposit and/or exchange the Rs 2,000 banknotes at the 19 RBI offices in the country.
"Members of the public are requested to avail the facility of sending the Rs 2,000 banknotes through post offices of India Post. This will obviate the need for travel to RBI offices for deposit/exchange of the Rs 2,000 banknotes," the central bank said.
Meanwhile, long queues are being witnessed during working hours at the RBI offices for exchange/deposit of Rs 2,000 notes.
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