Reserve Bank of India said – 88 percent of Rs 2,000 notes returned to banks
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In a statement, the Reserve Bank said that information received from banks suggests that Rs 2,000 notes worth Rs 3.14 lakh crore have been withdrawn from circulation till July 31. On May 19, the RBI had announced the withdrawal of Rs 2,000 notes from circulation.
Mumbai The Reserve Bank of India (RBI) on Tuesday said that around 88 per cent of the Rs 2,000 currency notes have been returned to banks till July 31. In a statement, the Reserve Bank said that information received from banks suggests that Rs 2,000 notes worth Rs 3.14 lakh crore have been withdrawn from circulation till July 31. On May 19, the RBI had announced the withdrawal of Rs 2,000 notes from circulation. For this, consumers have been given the facility to deposit or exchange these notes in banks till 30 September. In this sequence, till July 31, Rs 2,000 notes worth Rs 3.14 lakh crore have been returned to the banks. Now only Rs 2,000 notes worth Rs 42,000 crore are in circulation.
When the RBI announced the withdrawal of these notes from circulation, notes worth Rs 3.56 lakh crore were in circulation. As on March 31, the value of these notes was Rs 3.62 lakh crore. About 87 per cent of the Rs 2,000 notes coming back to the banking system came in the form of bank deposits, while 13 per cent were exchanged for notes of other denominations, the RBI said. The central bank has urged people to deposit Rs 2,000 notes in their possession in banks by September or exchange them for other notes to avoid any inconvenience.
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