Reported By: Mohammad Haris
Last Updated: September 01, 2023, 17:52 IST
The total value of Rs 2,000 banknotes in circulation, which amounted to Rs 3.62 lakh crore on March 31, 2023, had declined to Rs 3.56 lakh crore as at the close of business on May 19, 2023.
Rs 2000 Notes: Rs 3.32 lakh crore worth of Rs 2000 banknotes have returned to banks till August 31, out of the total Rs 3.56 lakh crore worth of high-value currency in circulation as of May 19 this year
The Reserve Bank of India (RBI) on Friday said 93 per cent of the total Rs 2,000 banknotes have been returned so far. In absolute terms, Rs 3.32 lakh crore worth of Rs 2000 banknotes have returned to banks till August 31, out of the total Rs 3.56 lakh crore worth of high-value currency in circulation as of May 19 this year.
The central bank had on May 19 this year announced to withdraw Rs 2000 banknotes from circulation.
“According to the data received from the banks, the total value of Rs 2000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023. Consequently, Rs 2000 banknotes in circulation as at the close of business on August 31, 2023, stood at Rs 0.24 lakh crore. Thus, 93 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned,” the RBI said in a statement.
Data collected from major banks indicates that out of the total banknotes in Rs 2000 denomination received back from circulation, about 87 per cent is in the form of deposits and the remaining around 13 per cent has been exchanged into other denomination banknotes, it said.
“Members of the public are requested to utilise the remaining period until September 30, 2023, to deposit and/or exchange the Rs 2000 banknotes held with them,” the central bank said.
