RBI says 76% of Rs 2,000 notes returned to banks

Mumbai: As much as 76 per cent of the Rs 2,000 notes in circulation have been returned to banks, mostly through deposits, the Reserve Bank of India said on Monday.

On May 19, RBI announced withdrawal of Rs 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 Rs 2,000 bank notes received back from circulation after the announcement on May 19 is Rs 2.72 lakh crore up to June 30, 2023.

"Consequently, Rs 2,000 bank notes in circulation as at the close of business on June 30 stood at Rs 0.84 lakh crore," the central bank said in statement.

Now, 76 per cent of the Rs 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 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 bank notes.