According to the Reserve Bank of India (RBI), as of August 31, 2023, the value of all returned Rs 2,000 banknotes was Rs 3.32 lakh crore.
“According to the data received from the banks, the total value of Rs 2,000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023,” the RBI said.
With this, there are currently 0.24 lakh crore rupees worth of circulating 2,000 rupee notes. “Consequently, Rs 2,000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs 0.24 lakh crore. Thus, 93 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, have since been returned,” the central bank added.
87% banknotes removed from circulation
Approximately 87% of the entire amount of Rs 2,000 banknotes removed from circulation, according to data received from major banks, are in the form of deposits, with the remaining 13% having been swapped for banknotes of other denominations, according to the central bank.
“Members of the public are requested to utilise the remaining period until September 30, 2023, to deposit and/or exchange the Rs 2,000 banknotes held with them,” the RBI added.
It may be noted that the RBI had declared the withdrawal of these high-value notes in May, authorising exchange or deposit until September 30.
The decision to stop printing banknotes having a value of Rs 2,000 was made in conformity with the RBI’s “Clean Note Policy.”
According to a State Bank of India research released a few months ago, the country’s banking system will benefit from the removal of Rs 2,000 notes from circulation.
It was also stated that the action will increase bank deposits, loan repayment, and general consumer spending as well as RBI’s retail central bank digital currency (CBDC).
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