Mumbai: 76% of Rs 2,000 notes in circulation have returned to banks, mostly through deposits. reserve Bank of India said on Monday.
On 19 May, the RBI announced the withdrawal of Rs 2,000 notes from circulation and gave the public time till 30 September to deposit these notes in their bank accounts or get them exchanged.
On 19 May, the RBI announced the withdrawal of Rs 2,000 notes from circulation and gave the public time till 30 September to deposit these notes in their bank accounts or get them exchanged.
“As per data received from banks, the total value of Rs 2,000 banknotes withdrawn from circulation after the announcement on May 19 is Rs 2.72 lakh crore till June 30, 2023.
“As a result, Rs 2,000 bank notes in circulation at the close of business on June 30 were Rs 0.84 lakh crore,” the central bank said in a statement.
Now, as of May 19, 2023, 76 percent of the Rs 2,000 banknotes in circulation have been returned.
Data collected from major banks shows that out of total Rs 2000 denomination banknotes withdrawn from circulation, around 87 per cent is in the form of deposits and the remaining around 13 per cent has been converted into other denomination banknotes.