RBI Announces Withdrawal of Rs 2000 Banknotes, 76% Returned So Far
Mumbai, 3rd July 2023 – The Reserve Bank of India (RBI) has made headlines with its decision to withdraw ₹2000 denomination banknotes from circulation, as stated in the Press Release 2023-2024/257 issued on May 19, 2023. Since then, significant progress has been made in returning these notes to the banking system.
As of May 19, the total value of ₹2000 banknotes in circulation stood at ₹3.56 lakh crore, a decrease from the ₹3.62 lakh crore recorded on March 31, 2023. The latest data from banks reveals that ₹2.72 lakh crore worth of ₹2000 banknotes have been returned from circulation as of June 30, 2023. Consequently, the total value of ₹2000 banknotes in circulation at the end of June amounted to ₹0.84 lakh crore, indicating that 76% of the banknotes in circulation on May 19 have been successfully returned.
A detailed analysis of the returned ₹2000 banknotes reveals that approximately 87% of the total value consists of deposits, while the remaining 13% has been exchanged for banknotes of other denominations.
In light of these developments, the RBI urges members of the public to take advantage of the next three months to deposit or exchange any ₹2000 banknotes they possess, thereby avoiding a potential rush in the final days leading up to September 30, 2023.
