The Reserve Bank of India (RBI) announced the withdrawal of ₹2000 banknotes from circulation on May 19, 2023.
The total value of ₹2,000 banknotes in circulation, which amounted to ₹3.62 lakh crore on March 31 had declined to ₹3.56 lakh crore as at the close of business on May 19.
A status of withdrawal of ₹2,000 banknotes was published by the RBI.
According to the data received from the banks, the total value of ₹2,000 banknotes received back from circulation is ₹3.14 lakh crore up to July 31. Consequently, ₹2,000 banknotes in circulation as at the close of business on July 31 stood at ₹0.42 lakh crore.
Thus, 88 percent of the ₹2,000 banknotes in circulation as on May 19, 2023, have since been returned.
Data collected from major banks indicates that out of the total banknotes in ₹2,000 denomination received back from circulation, about 87 percent is in the form of deposits and the remaining around 13 percent has been exchanged into other denomination banknotes.
Members of the public are requested to utilise the next two months to deposit and/or exchange the ₹2000 banknotes held with them to avoid any rush in the last few days before September 30, 2023.
