76 pc Rs 2,000 notes returned to banks since withdrawal: RBI
Around 87 percent of the total banknotes in the Rs 2,000 denomination returned from circulation were in the form of deposits
- Business
NewsTAP Bureau- Updated On:3 July 2023 11:30 AM GMT
HYDERABAD: The Reserve Bank of India (RBI) revealed on Monday that 76 percent of Rs 2,000 banknotes were returned to banks since their withdrawal from circulation on May 19, 2023.
According to bank data, the Rs 2,000 banknotes that were returned after the May 19 declaration amounted to Rs 2.72 lakh crore till June 30, 2023.
The total value of Rs 2,000 banknotes in circulation declined from Rs 3.62 lakh crore on March 31, 2023 to Rs 3.56 lakh crore at the close of business on May 19, 2023.
Around 87 percent of the total banknotes in the Rs 2,000 denomination returned from circulation were in the form of deposits, with the remaining approximately 13 percent being exchanged into other denomination banknotes, according to data obtained from major banks.
The Reserve Bank of India requests people to deposit or exchange Rs 2,000 banknotes kept with them during the next three months in order to avoid a rush in the final few days before the September 30, 2023 deadline.
