With just a month left to exchange or deposit Rs 2,000 notes, the Reserve Bank of India (RBI) Friday said 93 per cent of these notes — worth Rs 3.32 lakh crore — have been returned to banks. This means that notes worth Rs 24,000 crore are yet to be returned to the banking system.
On May 19, the RBI had announced withdrawal of Rs 2,000 banknotes from circulation. The total value of these notes in circulation as on May 19 was Rs 3.56 lakh crore. The deadline to deposit or exchange these notes is September 30, 2023.
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“Rs 2,000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs 0.24 lakh crore,” an RBI release said.
Data collected from major banks indicates that out of the total banknotes in Rs 2,000 denomination received back from circulation, about 87 per cent is in the form of deposits and the remaining has been exchanged into other denomination banknotes.
The RBI has urged the public to utilise the remaining period until September 30 to deposit or exchange the Rs 2,000 banknotes held with them.
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