As of August 31, 2023, 93% of the ₹2000 banknotes in circulation as on May 19, 2023, have been returned. The total value of the returned notes is ₹3.32 lakh crore, while the total value of the notes still in circulation is ₹0.24 lakh crore.
Official copy of the notification has been enclosed below
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. The status of withdrawal of ₹2000 banknotes as at July end was published by the RBI vide Press Release No. 2023-2024/682 dated August 01, 2023.
According to the data received from the banks, the total value of ₹2000 banknotes received back from circulation is ₹3.32 lakh crore up to August 31, 2023. Consequently, ₹2000 banknotes in circulation as at the close of business on August 31, 2023 stood at ₹0.24 lakh crore. Thus, 93% 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 remaining period until September 30, 2023 to deposit and/or exchange the ₹2000 banknotes held with them.
(Yogesh Dayal)
Chief General Manager
CAclubindia
