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RBI Says 88% of Rs 2,000 Notes have been returned to Banks

Around 88 per cent of the ₹ 2,000 currency notes have either been deposited or exchanged at banks, and only ₹ 42,000 crore worth of such notes are with public as on July 31, the Reserve Bank of India (RBI) said in a statement.

The last date to exchange/deposit ₹ 2,000 denomination notes is September 30. In value terms, ₹ 2,000 notes in circulation has come down to ₹ 42,000 crore as on July from ₹ 3.56 lakh crore on the day of announcement of withdrawal on May 19.

In a statement, the RBI said out of the total banknotes in ₹ 2,000 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.

Read Also: Finance Ministry: No proposal to extend deadline for exchange of Rs 2,000 Notes

The central bank, in a surprise move, on May 19 announced withdrawal of ₹ 2,000 notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks.Unlike the November 2016 demonetization when old ₹ 500 and ₹ 1,000 notes were invalidated overnight, the ₹ 2,000 notes will continue to be a legal tender till September 30.

The total value of the ₹ 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.

According to the data received from the banks, the total value of ₹ 2,000 banknotes received back from circulation is ₹ 3.14 lakh crore up to July 31, 2023, the RBI said. Consequently, ₹ 2,000 banknotes in circulation as at the close of business on July 31 stood at ₹ 0.42 lakh crore. Thus, 88 per cent of the ₹ 2,000 banknotes in circulation as on May 19, 2023, have since been returned.

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The RBI also asked 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. It may be noted that RBI has not yet clarified what would be the status of ₹ 2,000 notes in private hands after September 30.

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