93% of Rs 2,000 notes returned to banks, says Reserve Bank

The Reserve Bank of India (RBI) has reported that 93 per cent of the Rs 2,000 currency notes that were in circulation on May 19, 2023, have been returned to banks. According to data received from banks, the total value of Rs 2,000 banknotes returned from circulation is Rs 3.32 lakh crore as of August 31, 2023. As a result, the Rs 2,000 banknotes in circulation as of August 31, 2023, stood at Rs 0.24 lakh crore.

"Consequently, Rs 2,000 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 2,000 banknotes in circulation as of May 19, 2023, have since been returned," the central bank said. Out of the returned banknotes in the Rs 2,000 denomination, about 87 per cent were deposited, while the remaining 13 per cent were exchanged for other denomination banknotes.

Rs 2,000 banknote withdrawal 

The RBI had announced the withdrawal of Rs 2,000 banknotes from circulation on May 19, 2023. The total value of Rs 2,000 banknotes in circulation, which was Rs 3.62 lakh crore on March 31, 2023, had decreased to Rs 3.56 lakh crore by the close of business on May 19, 2023. The RBI has requested that the public deposit or exchange the high-value banknotes by September 30, 2023.

(With PTI inputs)