76% Of Rs 2,000 Notes Returned, Signifying A Major Change In India’s Cash Circulation, Says RBI
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The Reserve Bank of India (RBI) has revealed that 76% of the Rs 2,000 notes in circulation have been returned, indicating a significant shift in the cash landscape of the country.
“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”, as per RBI press release.
As of June 30, there were 84,000 crore rupees worth of Rs 2,000 notes in circulation. According to information gathered by banks, 13% of the returned notes were swapped for other denominations, while 87% of them were deposited, the RBI announced on Monday.
People can deposit or return Rs. 2,000 notes at banks till September 30. After that date, they might need to visit the regional offices of the RBI to exchange them.