The Reserve Bank on August 1 said 88% of the ₹2,000 banknotes valued at ₹3.14 lakh crore have returned to the banking system after it announced the withdrawal of the high-value currency notes from circulation in May.
According to the data received from banks, the RBI said the total value of ₹2,000 banknotes received back from circulation is ₹3.14 lakh crore up to July 31, 2023.
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"Consequently, ₹2,000 banknotes in circulation as at the close of business on July 31 stood at ₹0.42 lakh crore," the Central bank said in a statement.
As much as 88% of the ₹2,000 banknotes in circulation as on May 19, 2023, have since been returned.
The total value of ₹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.
Out of the total banknotes in ₹2,000 denomination received back from circulation, about 87% came in the form of deposits and the remaining around 13% has been exchanged into other denomination banknotes.
The Reserve Bank has urged the public to utilise the next two 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.
