76% of Rs 2,000 bank notes returned to banks till June 30, says RBI

Bank notes' withdrawal from circulation was announced on May 19

The Reserve Bank of India (RBI) said on Monday that 76 per cent of the Rs 2,000 notes have been returned till June 30, with 87 per cent being deposited and 13 per cent exchanged.

When their withdrawal was announced on May 19, there were Rs 3.56 trillion such notes in the banking system.

“According to the data received from the banks, the total value of Rs 2000 banknotes received back from circulation after the announcement on May 19 is Rs 2.72 lakh crore up to June 30, 2023. Consequently, Rs 2000 banknotes in circulation as at the close of business on June 30 stood at Rs 0.84 lakh crore. Thus, 76% of the Rs 2000 banknotes in circulation as on May 19, 2023 have since been returned,” RBI said.

The Rs 2,000 note was introduced in November 2016 after Rs 500 and the Rs 1,000 notes were demonetised. The Rs 2,000 note was issued primarily to meet the currency requirement of the economy in an expeditious manner.

The printing of Rs 2,000 banknotes was stopped in 2018-19, RBI had said while announcing its withdrawal. The note’s share was 37.3 per cent in terms of value in 2018 and fell to 10.8 per cent by the end of FY23.

“Members of the public are requested to utilise the next three months to deposit and/or exchange the ₹2000 banknotes held with them to avoid any rush in the last few days before September 30, 2023,” RBI said.