Withdrawal of Rs. 2000 Denomination Banknotes - Status- (Reserve Bank of India) (03 Jul 2023)

MANU/RPRL/0393/2023

Banking

The Reserve Bank of India had announced the withdrawal of ₹ 2000 banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The total value of ₹ 2000 banknotes in circulation, which amounted to ₹ 3.62 lakh crore on March 31, 2023 had declined to ₹ 3.56 lakh crore as at the close of business on May 19, 2023.

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

Data collected from major banks indicates that out of the total banknotes in ₹ 2000 denomination received back from circulation, about 87% is in the form of deposits and the remaining around 13% has been exchanged into other denomination banknotes.

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.

Tags : WITHDRAWAL BANKNOTES STATUS