93% of ₹2,000 banknotes returned to banking system since withdrawal announcement: RBI
₹2000 banknotes that were in circulation on May 19 have been returned to banks. The ₹2,000 banknotes in circulation as of August 31 stood at ₹0.24 lakh crore, RBI said in its circular on the status of withdrawal of ₹2000 denomination banknotes. The total value of ₹2000 banknotes in circulation was ₹3.56 lakh crore at the close of business on May 19, 2023 - when the RBI decided to withdraw the banknote.
"The total value of ₹2000 banknotes returned to the system after the announcement on May 19 is to the tune of ₹3.32 lakh crore," the RBI release cited data it received from banks. “Data collected from major banks indicates that out of the total banknotes in ₹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 banknotes," RBI said. September 30 has been decided as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public.
RBI may or may not revisit the September deadline based on the situation going ahead. People can exchange or deposit their ₹2,000 notes in bank branches and regional branches of RBI. A non-account holder also can exchange ₹2000 banknotes up to a limit of ₹20,000 at a time at any bank branch.
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