According to RBI, 76% of the Rs 2,000 notes were returned to banks

4 Jul 2023 , 10:33 AM

On Monday, the Reserve Bank of India (RBI) announced that approximately 76% of the Rs 2,000 notes in circulation have been returned to banks, primarily through deposits. The RBI had issued an order on May 19 to withdraw all Rs 2,000 notes from circulation and provided the general public until September 30 to deposit or exchange them.

The total value of the Rs 2,000 banknotes that have been taken out of circulation since the announcement on May 19 amounts to Rs 2.72 lakh crore as of June 30, 2023, based on information from banks.

Consequently, the amount of Rs 2,000 banknotes in circulation as of the close of business on June 30 was Rs 0.84 lakh crore, as stated by the RBI.

Since May 19, 2023, 76% of the Rs 2,000 banknotes that were in circulation have been returned.

According to data collected from major banks, out of all the Rs 2,000 banknotes that were returned from circulation, approximately 87% were deposited, while the remaining 13% were exchanged for notes in other denominations.

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