76% of Rs 2000 notes returned to banking system, RBI released figures

₹ 2000 note

New Delhi: About 76 percent of the 2000 notes present in the country have reached back to the banks. The Reserve Bank of India (RBI) reported on July 3 that as of June 30, 76 percent of Rs 2,000 notes have returned to the banking system. That is, within 40 days of the announcement of withdrawing these notes from circulation, more than two-thirds of the notes have been deposited. The value of these notes is Rs 2.72 lakh crore. RBI has said in the release that till June 30, the circulation of Rs 2000 note in the market is Rs 84 thousand crores.

Notes deposited in banks
Of the total notes coming back to the banking system, 87 percent are in the form of deposits and the remaining 13 percent are exchanged at the bank. The central bank has urged the public to exchange or deposit Rs 2,000 notes in the remaining time. Let us tell you that on May 19, the RBI announced the withdrawal of Rs 2,000 notes from circulation. The last date for depositing or exchanging these notes in the bank is September 30.

2000 Note

Why were 2000 notes banned?
On May 19, RBI announced the closure of Rs 2,000 notes. RBI had said that under the ‘Clean Note Policy’ of the Reserve Bank of India, it has been decided to withdraw bank notes of Rs 2000 denomination from circulation. The RBI Governor had said that this denomination is not in much use and higher denomination notes can create collateral problems. He said that in our survey we came to know that Rs 2000 notes were not being used at all.