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| Photo Credit: Ragu R.
As much as 76% of the ₹2,000 notes in circulation have been returned to banks, mostly through deposits, the Reserve Bank of India said on July 3.
On May 19, RBI announced withdrawal of ₹2,000 notes in circulation and gave public time till September 30 to either deposit the currency notes in their bank accounts or get them exchanged.
“According to the data received from the banks, the total value of ₹2,000 bank notes received back from circulation after the announcement on May 19 is ₹2.72 lakh crore up to June 30, 2023.
“Consequently, ₹2,000 bank notes in circulation as at the close of business on June 30 stood at ₹0.84 lakh crore,” the Central bank said in statement.
Also read: Impact of ₹2,000 notes withdrawal ‘very very marginal’ on economy: RBI Governor
Now, 76% of the ₹2,000 banknotes in circulation as on May 19, 2023 have since been returned.
Data collected from major banks indicates that out of the total bank notes in ₹2000 denomination received back from circulation, about 87% is in the form of deposits and the remaining around 13% has been exchanged into other denomination bank notes.
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