93% Of Rs 2000 Denomination Notes Return From Circulation Since May 19: RBI

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New Delhi: The Reserve Bank of India (RBI) notified on Friday that the 93% of the Rs 2000 banknotes in circulation have been returned since May 19 order. Moreover, RBI again urged people to utilize the remaining period until September 30, 2023 to deposit and/or exchange the Rs 2000 denomination notes.

RBI had announced on May 19 to withdraw Rs 2000 denomination notes from circulation, although they remain legal tender. It urged customers holding Rs 2000 banknotes to deposit or submit at bank branches across India.

“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,” RBI said in the Friday circular.

According to data gathered from banks, ₹3.32 lakh crore worth of ₹2000 banknotes were returned from circulation up to August 31, 2023. Consequently, the amount of ₹2000 banknotes in circulation by August's end was a mere ₹0.24 lakh crore.

Customer can exchange Rs 2000 banknotes into bank notes of other denominations upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023. The facility is available till September 30, 2023. However, the central bank hasn’t notified what will happen to these notes if someone fails to submit them in time.