RBI: 76 pc of Rs 2,000 banknotes in circulation as on May 19 have been returned

The Reserve Bank of India (RBI) on Monday (July 3) said that of the ₹2,000 banknotes returned to banks, about 87 per cent is in the form of deposits and the remaining around 13 per cent has been exchanged into other denomination banknotes.

On May 19, the RBI had announced the withdrawal of ₹2,000 currency notes from circulation. The central bank said in a statement today that the total value of the ₹2,000 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. 

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According to data received from the banks, the total value of ₹2,000 banknotes received back from circulation after the announcement on May 19 is ₹2.72 lakh-crore up to June 30, 2023. Consequently, ₹2,000 banknotes in circulation as at the close of business on June 30 stood at ₹0.84 lakh-crore. Thus, 76 per cent of the ₹2,000 banknotes in circulation as on May 19, 2023 have since been returned, said the RBI statement.

Members of the public are requested to utilise the next three months to deposit and/or exchange the ₹2,000 banknotes held with them to avoid any rush in the last few days before September 30, 2023, the statement added.