Deccan Chronicle

88% of `2,000 notes worth `3.1 L-cr back: RBI

- FALAKNAAZ SYED

The Reserve Bank of India (RBI) on Tuesday said that banks have received `3.14 lakh crore worth of `2000 banknotes from May 23 to July 31, which constitute­s 88 per cent of the notes in circulatio­n. Consequent­ly, `2,000 banknotes in circulatio­n stood at `0.42 lakh crore.

"According to the data received from the banks, the total value of `2000 banknotes received back from circulatio­n is `3.14 lakh crore up to July 31, 2023. Consequent­ly, `2000 banknotes in circulatio­n as at the close of business on July 31 stood at `0.42 lakh crore. Thus, 88% of the `2000 banknotes in circulatio­n as on May 19, 2023, have since been returned," said the central bank in a statement.

Out of the total banknotes in `2,000 denominati­on received back from circulatio­n, about 87 per cent came in the form of deposits and the remaining around 13 per cent has been exchanged into other denominati­on banknotes the RBI said.

The central bank urged public to use the next two months to deposit and/or exchange the `2000 banknotes with them before September 30, 2023.

The RBI had announced the withdrawal of `2000 banknotes from circulatio­n in May this year. At that time, the total value of `2,000 banknotes in circulatio­n was `3.56 lakh crore, down from `3.62 lakh crore on March 31, 2023. The bank notes in `2,000 denominati­on will continue to be a legal tender, the RBI had said.

The `2,000 denominati­on banknote was introduced in November 2016 following withdrawal of legal tender status of all `500 and `1,000 banknotes in circulatio­n at the time.

The printing of `2,000 banknotes was stopped in 2018-19 when banknotes in other denominati­ons became available in adequate quantities.

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