Mumbai: The Reserve Bank on Wednesday said more than 97 per cent of the ₹ 2,000 banknotes in circulation have been returned to the banking system, and such notes worth only ₹ 10,000 crore are still with the public.

On May 19 this year, the RBI had announced the withdrawal of banknotes of the the ₹ 2,000 denomination from circulation.

"The total value of ₹ 2,000 banknotes in circulation, which amounted to ₹ 3.56 lakh crore as at the close of business on May 19, 2023, when the withdrawal of ₹ 2,000 banknotes was announced, has declined to ₹ 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 ₹ 2,000 banknotes in circulation as of May 19, 2023, have since been returned.

People can deposit and/or exchange the ₹ 2,000 banknotes at the 19 RBI offices in the country.

"Members of the public are requested to avail the facility of sending the ₹ 2,000 banknotes through post offices of India Post. This will obviate the need for travel to RBI offices for deposit/exchange of the ₹ 2,000 banknotes," the central bank said.

Meanwhile, long queues are being witnessed during working hours at the RBI offices for exchange/deposit of ₹ 2,000 notes.