The Reserve Bank announced on Tuesday (Auguat 1) that 88 percent of the Rs 2,000 banknotes, amounting to Rs 3.14 lakh crore, have been returned to the banking system following the withdrawal of high-value currency notes from circulation in May.
Data received from banks indicated that the total value of returned Rs 2,000 banknotes until July 31, 2023, is Rs 3.14 lakh crore.
Consequently, the Rs 2,000 banknotes in circulation as of July 31, 2023, stood at Rs 0.42 lakh crore, as stated in the central bank's official release.
Since May 19, 2023, about 88 percent of the Rs 2,000 banknotes in circulation have been returned. Initially, on March 31, 2023, the total value of Rs 2,000 banknotes in circulation was Rs 3.62 lakh crore, but it declined to Rs 3.56 lakh crore by May 19, 2023.
Among the returned Rs 2,000 banknotes, approximately 87 percent were in the form of deposits, while the remaining 13 percent were exchanged for other denomination banknotes.
To avoid any last-minute rush before September 30, 2023, the Reserve Bank has advised the public to utilise the next two months to deposit and/or exchange their Rs 2,000 banknotes held with them.
First Published: Aug 1, 2023 5:33 PM IST
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