Rs 2,000 note withdrawal: Over 72% of notes in circulation returned to banking system

It has been a month since the Reserve Bank of India (RBI) started the withdrawal of Rs 2,000 notes under its 'clean note policy'. CNBC-TV18 learns that over 72 percent, that is Rs 2.62 lakh crore worth of these high denomination currency notes have been either exchanged or deposited in banks.

The objective of RBI's Clean Note Policy is to give the citizens good quality currency notes and coins while the soiled notes are withdrawn out of circulation.

The RBI introduced the Rs 2,000 notes in November 2016 to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1,000 banknotes in circulation at that time. The value of the total currency notes which need to be withdrawn is Rs 3.62 lakh crore.