88% of ₹2,000 notes return to banks, says RBI
The Hindu
The Reserve Bank of India (RBI) citing data received from the banks said that the total value of ₹2000 banknotes received back from circulation is ₹3.14 lakh crore up to July 31, 2023.
The Reserve Bank of India (RBI), citing data received from banks, said that the total value of ₹2,000 banknotes received back from circulation is ₹3.14 lakh crore up to July 31, 2023.
“Consequently, ₹2,000 banknotes in circulation as at the close of business on July 31 stood at ₹0.42 lakh crore. Thus, 88% of the ₹2,000 banknotes in circulation as on May 19, 2023, have since been returned,” the RBI said in a statement.
“Data collected from major banks indicates that out of the total banknotes in ₹2,000 denomination received back from circulation, about 87% is in the form of deposits and the remaining around 13% has been exchanged into other denomination banknotes,” it said.
The RBI has urged members of the public to utilise the next two months to deposit and/or exchange the ₹2,000 banknotes held with them to avoid any rush in the last few days before September 30, 2023.
The RBI had announced the withdrawal of ₹2,000 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, 2023, had declined to ₹3.56 lakh crore as at the close of business on May 19, 2023.
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