93% Of Rs 2,000 Currency Notes Back With Banks, Says RBI

Reserve Bank of India (RBI), on Friday, September 1, said that Rs 3.32 lakh Crore worth of Rs 2,000 currency notes, or 93% of the currency notes in circulation, have been returned to the banking system.

The removal of Rs 2,000 currency notes from circulation was announced by the central bank on May 19.

"The total value of ₹2000 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," RBI said.

As of August 31, 2023, only Rs 0.24 lakh crore of Rs 2000 notes remain circulation. About 87% of the total notes received were deposited, and the remaining 13% were exchanged for bills of smaller value.

"According to the data received from the banks, the total value of ₹2000 banknotes received back from circulation is ₹3.32 lakh crore up to August 31, 2023. Consequently, ₹2000 banknotes in circulation as at the close of business on August 31, 2023 stood at ₹0.24 lakh crore. Thus, 93% of the ₹2000 banknotes in circulation as on May 19, 2023, have since been returned," the statement said.

The public was asked by the central bank to use the remaining window of opportunity to swap or deposit Rs 2,000 notes.