The Reserve Bank of India (RBI) on Monday announced that 76 per cent of the total number of Rs 2,000 notes in circulation have returned back to the system.
In a press release dated July 3, the apex bank mentioned that the total number of returned banknotes of Rs 2,000 denomination was worth Rs 2.72 lakh crore.
This comes after the RBI had on May 19 announced its decision to call back all Rs 2,000 notes from circulation, although the currency notes will continue to remain legal tender.
In the press release, the RBI said, "The Reserve Bank of India had announced the withdrawal of ₹2000 banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The total value of ₹2000 banknotes in circulation, which amounted to ₹3.62 lakh crore on March 31, 2023 had declined to ₹3.56 lakh crore as at the close of business on May 19, 2023."
It further said, "According to the data received from the banks, the total value of ₹2000 banknotes received back from circulation after the announcement on May 19 is ₹2.72 lakh crore up to June 30, 2023. Consequently, ₹2000 banknotes in circulation as at the close of business on June 30 stood at ₹0.84 lakh crore. Thus, 76% of the ₹2000 banknotes in circulation as on May 19, 2023 have since been returned."
Meanwhile, according to the RBI, the data collected from major banks pointed towards the fact that out of the total currency notes in Rs 2,000 denomination that has been received back in the system, around 87 per cent of it is in the form of deposits and the remaining around 13 per cent has been exchanged into other denomination notes.
In addition, the RBI further mentioned in the release, "Members of the public are requested to utilise the next three months to deposit and/or exchange the ₹2000 banknotes held with them to avoid any rush in the last few days before September 30, 2023."
