88% of ₹2,000 Banknotes Returned to Circulation, RBI Urges Public to Act Before Deadline

Mumbai, August 1, 2023: The Reserve Bank of India (RBI) has revealed that a significant 88% of the ₹2,000 banknotes, amounting to ₹3.14 lakh crore, have been returned to the banking system after the announcement of the withdrawal of high-value currency notes from circulation in May.

As per data from banks, the total value of ₹2,000 banknotes received back stands at ₹3.14 lakh crore as of July 31, 2023.

Consequently, the circulation of ₹2,000 banknotes has now reduced to ₹0.42 lakh crore, the central bank stated in a press release. This means that 88% of the ₹2,000 banknotes that were in circulation on May 19, 2023, have been returned.

On March 31, 2023, the total value of ₹2,000 banknotes in circulation amounted to ₹3.62 lakh crore. However, this figure declined to ₹3.56 lakh crore by May 19, 2023.

Out of the returned ₹2,000 banknotes, approximately 87% came in the form of deposits, while the remaining 13% were exchanged into other denomination banknotes.

With the withdrawal of ₹2,000 banknotes in effect, the Reserve Bank is urging the public to utilize the next two months to deposit and/or exchange their ₹2,000 banknotes to avoid any last-minute rush before September 30, 2023.

The recall of ₹2,000 notes has sparked attention and discussions among the public. The RBI’s move aims to manage the circulation of high-value currency and promote digital transactions in the country. As the deadline approaches, individuals are advised to take timely action to ensure a smooth transition in the currency system.

The RBI’s call for timely action comes as the country strives to adapt to the currency changes and embrace digital payment methods for a more secure and efficient economy.