Rs 2000 Notes Withdrawal: RBI Says 76% of High-Value Currency Returned to Banks – News18

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, the RBI announced the withdrawal of Rs 2,000 notes in circulation and gave the 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 a 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.

The RBI decided to withdraw the Rs 2,000 denomination banknotes from circulation in pursuance of the ‘Clean Note Policy’ of the Reserve Bank of India.

The RBI also said “it has also been observed that this denomination (Rs 2,000 banknotes) is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public.”

(With Inputs from PTI)