The Reserve Bank on Friday said that 93 percent of Rs 2000 currency notes that were in circulation on May 19 — the day the currency was withdrawn from circulation — have been returned to banks. Until August 31, 2023, the total value of Rs 2000 bank notes received back from circulation will be Rs 3.32 lakh crore, according to data received from banks.
Accordingly, as of August 31, 2023, there were Rs 0.24 lakh crore of Rs 2000 banknotes in circulation. As of May 19, 2023, 93 percent of Rs 2000 banknotes in circulation had been returned.
According to data collected from major banks, 87 per cent of banknotes in the Rs 2000 denomination received back from circulation are in the form of deposits, and the remaining 13 per cent have been exchanged for banknotes in other denominations.
On May 19, 2023, the Reserve Bank of India announced the withdrawal of Rs 2000 banknotes from circulation. At the close of business on May 19, 2023, the total value of Rs 2000 banknotes in circulation had decreased from Rs 3.62 lakh crore on March 31, 2023 to Rs 3.56 lakh crore.
The RBI Governor stated that the central bank had decided to withdraw Rs 2,000 currency notes as this denomination was not widely used and the high-denomination notes could pose collateral problems. According to our surveys, Rs 2,000 notes were not used at all… They were used, but not commonly.
Until September 30, 2023, members of the public holding high-value banknotes are invited to deposit and/or exchange them. Members of the public holding high-value banknotes were encouraged to deposit and/or exchange them until September 30, 2023.
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