Economy
RBI Says 88 Per Cent Of Rs 2,000 Notes Returned To Banks
Stacks of Rs 2,000 notes (SAM PANTHAKY/AFP/Getty Images)
The Reserve Bank of India said on Tuesday (1 August) that 88 per cent of the Rs 2,000 banknotes, valued at Rs 3.14 lakh crore, have been returned to the banking system, as of 31 July 2023.
This comes after the withdrawal of the high-value currency notes from circulation on 19 May.
The total value of Rs 2,000 banknotes in circulation stood at Rs 3.62 lakh crore on 31 March. By the end of 19 May, it had declined to Rs 3.56 lakh crore.
The amount of Rs 2,000 banknotes in circulation as of the end of 31 July stood at Rs 0.42 lakh crore.
Approximately 88 per cent of the Rs 2,000 banknotes in circulation as of 19 May 2023 have been returned.
Of all the Rs 2,000 banknotes received back from circulation, around 87 per cent came in the form of deposits, while the remaining 13 per cent were exchanged for banknotes of other denominations.
The Reserve Bank is encouraging the public to deposit and/or exchange their Rs 2,000 banknotes in the next two months to avoid any last-minute rush before 30 September 2023.
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