The Reserve Bank of India (RBI) on Friday said that 93 per cent of Rs 2000 currency notes have been returned to banks as of August 31, following their withdrawal announced on May 19. The RBI also informed that only notes worth Rs 24,000 crore remain in circulation by the end of August, as per the data received from the banks.
"According to the data received from the banks, the total value of Rs 2000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023. Consequently, Rs 2000 banknotes in circulation as of the close of business on August 31, 2023, stood at Rs 0.24 lakh crore. Thus, 93 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, have since been returned," the RBI said on Friday.
The total value of Rs 2000 banknotes received back from circulation stood at Rs 3.32 lakh crore till August 31, 2023, the statement noted. Adding that data collected from major banks show that out of the total banknotes in Rs 2000 denomination received back from circulation, about 87 per cent is in the form of deposits and the remaining around 13 per cent has been exchanged into other denomination banknotes.
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On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2000 banknotes. As of March 31, 2023, the total value of Rs 2000 banknotes in circulation stood at Rs 3.62 lakh crore, but by the close of business on May 19, 2023, this figure had decreased to Rs 3.56 lakh crore.
"Members of the public are requested to utilise the remaining period until September 30, 2023 to deposit and/or exchange the Rs 2000 banknotes held with them," RBI said on Friday.
In contrast to the invalidation of old Rs 500 and Rs 1,000 notes during November 2016 demonetisation, Rs 2,000 notes will remain valid legal tender until September 30. It's worth mentioning that the Reserve Bank of India (RBI) has not provided clarity regarding the status of Rs 2,000 notes held by individuals after September 30.