On June 3, 2023, the Reserve Bank of India (RBI) made an announcement stating that data obtained from prominent banks shows that approximately 87% of the total supply of Rs. 2000 banknotes, which were in circulation, has been deposited back into the banking system. The remaining 13% of these banknotes has been exchanged for banknotes of other denominations. In a press release dated May 19, 2023, the Reserve Bank of India (RBI) declared the discontinuation of Rs. 2000 banknotes from circulation. As of March 31, 2023, the total value of Rs. 2000 banknotes in circulation was Rs. 3.62 lakh crore, but by the end of business on May 19, 2023, it had decreased to Rs. 3.56 lakh crore.
Based on the information provided by banks, the total value of Rs. 2000 banknotes that have been received back from circulation following the announcement on May 19 is Rs. 2.72 lakh crore as of June 30, 2023. As a result, the remaining amount of Rs. 2000 banknotes in circulation by the end of business on June 30 is Rs. 0.84 lakh crore. This indicates that 76% of the Rs. 2000 banknotes that were in circulation as of May 19, 2023, have been returned.
To ensure a smooth transition, the public is urged to deposit and/or exchange any Rs. 2000 banknotes they possess within the next three months. This proactive step will help prevent any last-minute rush or inconvenience in the days leading up to September 30, 2023. It is advised to take advantage of this extended period to complete the necessary transactions concerning Rs. 2000 banknotes.
RBC Press Note: CLICK HERE