76% of Rs 2,000 notes in circulation have returned to banks, announces RBI
On May 19, RBI announced withdrawal of Rs 2,000 notes in circulation and gave public time till September 30 to either deposit the currency notes in their bank accounts or get them exchanged.
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FollowReserve Bank of India (RBI) informed on Monday that 76% of the Rs 2000 banknotes in circulation as on 19 May 2023 have since been returned. The central bank added that 87% of the Rs 2,000 notes were deposited with the banks while 13% were exchanged. According to the RBI, from May 19 to June 30, the banks received 2.72 lakhs 2,000-rupee notes, or 76% of the entire circulation. Currently, there are 0.84 lakh 2,000-rupee notes in circulation.
“According to the data received from the banks, the total value of Rs 2000 banknotes received back from circulation after the announcement on May 19 is ₹2.72 lakh crore up to June 30, 2023. As a result, the total value of 2000 banknotes in use as of the close of business on June 30 was 0.84 lakh crore. As a result, 76% of the 2000-denomination banknotes in use as of May 19, 2023, have been returned," the RBI stated in a release.
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According to information gathered from major banks, of the entire amount of banknotes in the denomination of 2000 that have been returned from circulation, about 87% are in the form of deposits, and the remaining 13% have been exchanged for banknotes in other denominations, the announcement noted.
The development came as Delhi High Court on Monday dismissed the PIL challenging RBI's decision to withdraw Rs 2,000 banknotes. The petition filed by Rajneesh Bhaskar Gupta claimed that the central bank had no power to withdraw 2,000-rupee currency notes and that the Union government is the right authority to take decisions in such regard.
On May 19, RBI announced withdrawal of Rs 2,000 notes in circulation and gave public time till September 30 to either deposit the currency notes in their bank accounts or get them exchanged.
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