76% of ₹2,000 notes returned to banking system

The Reserve Bank of India said on Monday that the $2,000 notes received by banks after their withdrawal on May 19 amounted to Rs 2.72 crore as of June 30. Thus, the number of INR 2,000 notes in circulation on 30th June stood at 0.84 lakh. crore. Thus, 76 per cent of the 2,000-rupee notes in circulation as on May 19 have since been returned, the RBI said in a statement.

Data collected by the Reserve Bank of India from major banks indicates that out of the total banknotes in the ₹2,000 denomination, about 87 per cent was in the form of deposits and the remaining 13 per cent was redeemed in other banknotes.

currency exchange

The total value of ₹ 2000 banknotes in circulation, which stood at INR 3.62 crore on March 31, 2023, has decreased to INR 3.56 crore at close of business on May 19. Next 3 months to deposit and/or exchange the RUB 2,000 worth of banknotes held with them to avoid any rush in the last few days before September 30th.

The total value of these banknotes in circulation decreased from ₹6.73-lakh crores at its peak as on March 31, 2018 (37.3 per cent of the banknotes in circulation) to ₹3.62-lakh crores, constituting only 10.8 per cent of the banknotes in circulation on March 31, 2023, he said. The Reserve Bank of India in its statement on May 19.

“It has also been noted that this designation is not commonly used in transactions,” the central bank said. Moreover, the stock of banknotes of other denominations is still sufficient to meet the currency requirements of the public.

“In view of the above, and pursuant to the RBI’s clean banknote policy, it has been decided to withdraw the Rs 2,000 denomination banknote from circulation.

“The £2,000 banknote will continue to be legal tender,” according to the statement.