93% of ₹2,000 banknotes returned to banking system since withdrawal announcement: RBI

About 93% of 2,000 banknotes have been returned to the banking system since their withdrawal in May, says RBI

Livemint
First Published2 Sep 2023, 08:31 AM IST
The total value of  <span class='webrupee'>₹</span>2000 banknotes in circulation was  <span class='webrupee'>₹</span>3.56 lakh crore at the close of business on May 19, 2023.
The total value of ₹2000 banknotes in circulation was ₹3.56 lakh crore at the close of business on May 19, 2023.

The Reserve Bank of India (RBI) has said that as much as 93 per cent of 2000 banknotes that were in circulation on May 19 have been returned to banks.

The 2,000 banknotes in circulation as of August 31 stood at 0.24 lakh crore, RBI said in its circular on the status of withdrawal of 2000 denomination banknotes.

The total value of 2000 banknotes in circulation was 3.56 lakh crore at the close of business on May 19, 2023 - when the RBI decided to withdraw the banknote.

"The total value of 2000 banknotes returned to the system after the announcement on May 19 is to the tune of 3.32 lakh crore," the RBI release cited data it received from banks.

“Data collected from major banks indicates that out of the total banknotes in 2000 denomination received back from circulation, about 87 per cent is in the form of deposits and the remaining around 13 per cent has been exchanged into other denomination banknotes,” RBI said.

2,000 banknotes September 30 deadline

September 30 has been decided as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public. RBI may or may not revisit the September deadline based on the situation going ahead.

How to deposit or exchange 2000 banknotes

People can exchange or deposit their 2,000 notes in bank branches and regional branches of RBI. A non-account holder also can exchange 2000 banknotes up to a limit of 20,000 at a time at any bank branch.

On May 19, the RBI decided to withdraw the 2000 denomination banknotes from circulation but said it would continue to remain as legal tender. However, RBI had advised banks to stop issuing such banknotes with immediate effect.

 

 

 

 

 

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First Published:2 Sep 2023, 08:31 AM IST
HomeIndustryBanking93% of ₹2,000 banknotes returned to banking system since withdrawal announcement: RBI

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