Three-fourth of ₹2000 currency notes in circulation have returned to banks: Govt

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₹2.72 trillion worth of ₹2,000 banknotes up to 30 June, after the Reserve Bank of India (RBI) announced their withdrawal on 19 May, said Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in Rajya Sabha. In a surprise move, RBI announced withdrawal of ₹2,000 notes from circulation but gave public time till 30 September to either deposit such notes in accounts or exchange them at banks.

Further, the minister stated, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public. “In view of above and in pursuance of RBI’s “Clean Note Policy", it was decided by RBI to withdraw the ₹2000 denomination banknotes from circulation," he added.

Earlier on Monday, government has made it clear that there is no proposal under consideration to extend the date for exchange of ₹2,000 notes beyond September 30. It also said that it has no plans as of now to demonetise the high value currency.

“At present, this matter is not under consideration," MoS for finance, Pankaj Chaudhary, said in a written reply when asked whether the government intends to extend the deadline for the exchange of ₹2,000 note in banks beyond 30 September. According to the RBI, as much as 76 per cent of the ₹2,000 currency notes in circulation have either been deposited or exchanged at banks.