Mumbai: The Reserve Bank of India (RBI) said on Thursday that 50 percent of the Rs 2,000 notes in circulation have come back, less than 20 days after their withdrawal was announced. The value of the notes that have been returned is Rs 1.82 lakh crore.
RBI Governor Shaktikanta Das said 85% of the notes have come back as bank deposits. As of March 31, 2,000-rupee notes worth Rs 3.62 lakh crore were in circulation. The RBI Governor also made an appeal to avoid the last-minute rush in September. The notes can be deposited or exchanged in banks until September 30. He added that the central bank has enough currency available for exchange.
The value of notes in circulation had already significantly come down (46% down from 2018 to 2023) even before the withdrawal. “The total value of these banknotes in circulation declined from Rs 6.73 lakh crore at its peak as on March 31, 2018 (37.3 percent of notes in circulation) to Rs 3.62 lakh crore constituting only 10.8 per cent of notes in circulation on March 31, 2023.
The announcement of the withdrawal had been made on May 19.