RBI reveals that 93% of Rs 2,000 notes have been returned since May, phase-out continues

The Reserve Bank of India (RBI) shared some noteworthy news on Friday. They revealed that a significant chunk of the Rs 2,000 banknotes, which were slated for retirement starting May 19 this year, have found their way back into the banking system. As of August 31, 2023, approximately Rs 3.32 lakh crore worth of Rs 2,000 notes have made their way back to the banks. This amounts to a staggering 93 percent of the total Rs 3.56 lakh crore worth of high-value currency that was floating around as of May 19.

Based on the data provided by banks, the total value of the Rs 2,000 notes that have made their way back into the banking system by August 31, 2023, stands at Rs 3.32 lakh crore. Consequently, the remaining amount of Rs 2,000 notes still out there in circulation as of August 31, 2023, is about Rs 0.24 lakh crore. In simpler terms, it means that 93 percent of the Rs 2,000 notes that were in circulation as of May 19, 2023, have now been accounted for.

Data gathered from major banks shows that out of the total Rs 2,000 notes that were returned, roughly 87 percent were deposited in bank accounts, and the remaining 13 percent were swapped for banknotes of other denominations.

The RBI is kindly asking the public to use the time available until September 30, 2023, to either deposit or exchange any Rs 2,000 notes they might still have stashed away.

Read more: 7th pay commission: Central government employees anticipate 3% DA hike, totaling 45%, announcement expected this month