RBI says 88% of ₹2000 currency notes returned since May
RBI) announced the withdrawal of ₹2000 banknotes through a press release on May 19, 2023. The total value of 2000 banknotes in circulation on March 31, 2023 was 3.62 lakh crore, which fell to 3.56 lakh crore by May 19, 2023. An update on the withdrawal status was released by the RBI through Press Release No.
2023-2024/522 on July 3rd, 2023. According to data received from banks, as of July 31, 2023, ₹2000 banknotes worth ₹3.14 lakh crore were returned from circulation, leaving ₹0.42 lakh crore still in circulation. This means that 88% of the ₹2000 banknotes in circulation as of May 19, 2023, have been returned.
The data from major banks reveals that out of the total ₹2000 denomination banknotes returned from circulation, approximately 87% were in the form of deposits, while the remaining 13% were exchanged into other denomination banknotes. The public is urged to deposit and/or exchange their ₹2000 banknotes within the next two months to avoid any last-minute rush before the deadline of September 30, 2023. The Reserve Bank of India (RBI) has announced the withdrawal of ₹2000 denomination banknotes from circulation from 30 June 2023.
This decision was taken in order to reduce the use of cash in the economy and promote digital payments. The RBI has said that all ₹2000 banknotes will continue to be legal tender and can be deposited in bank accounts or exchanged for other denominations of banknotes at any RBI office or bank branch. However, after 30 June 2023, these notes will no longer be accepted as legal tender.
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