Mumbai: The Reserve Bank of India (RBI) has revealed that only 7 percent of the notes worth Rs 2,000, which were demonetized on May 19, 2023, are still in circulation. The rest of the notes have been either deposited in banks or exchanged for other denominations.
The RBI said that as of August 31, 2023, the total value of Rs 2,000 notes in circulation was Rs 0.24 lakh crore, while the total value of Rs 2,000 notes deposited in banks was Rs 3.32 lakh crore. This means that out of the Rs 3.56 lakh crore worth of Rs 2,000 notes that were in circulation at the time of demonetization, Rs 3.32 lakh crore, or 93 percent have been returned to the banking system.
The RBI had announced the withdrawal of Rs 2,000 notes from circulation as a measure to curb black money and counterfeit currency. The RBI has asked people to deposit or exchange their remaining Rs 2,000 notes by September 30, 2023.