76% Of Rs 2,000 Notes In Circulation Returned To Banks: RBI

Mumbai: More than three-fourths of the Rs 2,000 notes which were in circulation have been returned to banks.

The Reserve Bank of India (RBI) said on Monday that the 76% of currency notes returned by the public are mostly through deposits.

It was on May 19 that RBI had announced the withdrawal of Rs 2,000 notes in circulation and gave the public time till September 30 to either deposit the currency notes in their bank accounts or get them exchanged.

“According to data received from the banks, the total value of Rs 2,000 bank notes received back from circulation after the announcement on May 19 is Rs 2.72 lakh crore up to June 30, 2023. Consequently, Rs 2,000 bank notes in circulation as on the close of business hours on June 30 stood at Rs 0.84 lakh crore,” the central bank said in a statement.

Data collected from major banks indicates that out of the total bank notes in Rs 2000 denomination received back from circulation, about 87% is in the form of deposits and the remaining has been exchanged into other denomination bank notes.