2000 Rupees Note: 93% notes of 2 thousand rupees have come back to the bank, RBI gave information

The Reserve Bank of India (RBI) on Friday said that the total value of Rs 2,000 bank notes returned till August 31, 2023, was Rs 3.32 lakh crore. The total value of Rs 2,000 banknotes withdrawn from circulation till August 31, 2023, is Rs 3.32 lakh crore, according to data received from RBI. With this, the total value of Rs 2,000 notes in circulation is now Rs 0.24 lakh crore. As a result, Rs 2,000 bank notes in circulation at the close of business on August 31, 2023, were Rs 0.24 lakh crore, RBI said. Thus, by May 19, 2023, 93 per cent of the Rs 2,000 banknotes in circulation have been returned.

The central bank said information gathered from major banks shows that of the total Rs 2,000 banknotes returned from circulation, about 87 per cent are in the form of deposits, with the remaining 13 per cent exchanged for banknotes of other denominations. RBI said, members of the public are requested to utilize the remaining period up to September 30, 2023 to deposit and/or exchange the Rs 2,000 banknotes held by them. Notably, the RBI had in May announced the withdrawal of these high-denomination notes and allowed them to be exchanged or deposited till September 30.

The decision to demonetise the Rs 2,000 denomination bank notes was taken in accordance with the ‘Clean Note Policy’ of the RBI. A few months ago, a study published by the State Bank of India stated that the withdrawal of Rs 2,000 notes from circulation would have a positive impact on the country’s banking system. The move will boost bank deposits and repayment of loans, and have an overall positive impact on consumption and retail of the Reserve Bank of India’s central bank digital currency (CBDC), it added.