Withdrawal of Rs.2000 Denomination Banknotes: 93% of Rs.2000 notes returned to Banks; Last date for deposit is September 30

The Reserve Bank of India(RBI) has issued a big update regarding Rs.2000 Bank Notes. According to the new data, a total of 93 percent of the notes worth Rs.2000 have returned to the banks. This means that now only 7 percent shares are available in the market.

RBI had announced the withdrawal of Rs.2000 banknotes from circulation on May 19, 2023. The total value of Rs.2000 banknotes in circulation, which amounted to Rs.3.62 lakh crore on March 31, 2023 had declined to Rs.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 Rs.2000 banknotes received back from circulation is Rs.3.32 lakh crore up to August 31, 2023. Consequently, Rs.2000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs.0.24 lakh crore. Thus, 93% of the Rs.2000 banknotes in circulation as on May 19, 2023, have since been returned.

According to data obtained from major banks, around 87% of the total banknotes in the Rs.2000 denomination returned back from circulation are in the form of deposits, with the remaining approximately 13% being exchanged into other denomination banknotes.

Members of the public are encouraged to use the remaining time until September 30, 2023 to deposit and/or exchange their Rs.2000 banknotes.