Reserve Bank of India (RBI) has issued a press release to update the public on the withdrawal of ₹2000 denomination banknotes. In May 2023, the RBI announced the withdrawal of ₹2000 banknotes from circulation. As of March 31, 2023, the total value of ₹2000 banknotes in circulation was ₹3.62 lakh crore, which decreased to ₹3.56 lakh crore by May 19, 2023.
According to data received from banks, as of June 30, 2023, ₹2.72 lakh crore worth of ₹2000 banknotes have been returned from circulation since the announcement on May 19. This leaves ₹0.84 lakh crore worth of ₹2000 banknotes still in circulation as of June 30. In other words, 76% of the ₹2000 banknotes in circulation as of May 19, 2023, have been returned.
Data collected from major banks reveals that 87% of the returned ₹2000 banknotes are in the form of deposits, while the remaining 13% have been exchanged into other denomination banknotes.
The RBI urges the public to utilize the next three months to deposit and/or exchange any ₹2000 banknotes they possess. This proactive measure aims to avoid a rush and potential inconveniences in the last few days before September 30, 2023.
The RBI provides an update on the withdrawal of ₹2000 denomination banknotes, revealing that 76% of these banknotes in circulation as of May 19, 2023, have been returned. It is essential for individuals to deposit or exchange any ₹2000 banknotes they possess within the next three months to ensure a smooth transition and avoid any last-minute rush.
Reserve Bank of India
Press Release: 2023-2024/522 Dated: | July 03, 2023
Withdrawal of ₹2000 Denomination Banknotes – Status
The Reserve Bank of India had announced the withdrawal of ₹2000 banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The total value of ₹2000 banknotes in circulation, which amounted to ₹3.62 lakh crore on March 31, 2023 had declined to ₹3.56 lakh crore as at the close of business on May 19, 2023.
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.
Data collected from major banks indicates that out of the total banknotes in ₹2000 denomination received back from circulation, about 87% is in the form of deposits and the remaining around 13% has been exchanged into other denomination banknotes.
Members of the public are requested to utilise the next three months to deposit and/or exchange the ₹2000 banknotes held with them to avoid any rush in the last few days before September 30, 2023.
(Yogesh Dayal)
Chief General Manager
