According to the Reserve Bank of India (RBI), as of August 31, 2023, the value of all returned Rs 2,000 banknotes was Rs 3.32 lakh crore.
"According to the data received from the banks, the total value of Rs 2,000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023," the RBI stated.
With this, there are currently 0.24 lakh crore rupees worth of circulating 2,000 rupee notes. "As a result, the total value of Rs 2,000 banknotes in circulation as of August 31, 2023, was Rs 0.24 lakh crore. As a result, 93% of the Rs 2,000 banknotes in use as of May 19, 2023, have subsequently been returned, according to the national bank.
Approximately 87% of the entire amount of Rs 2,000 banknotes removed from circulation, according to data received from major banks, are in the form of deposits, with the remaining 13% having been swapped for banknotes of other denominations, according to the central bank.
The people are urged to use the remaining time until September 30, 2023, to deposit and/or exchange any Rs 2,000 banknotes they may have on hand, the RBI said.
It's important to remember that the RBI announced the removal of these high-value notes in May, allowing for exchange or deposit up until September 30.
The decision to stop printing banknotes having a value of Rs 2,000 was made in conformity with the RBI's "Clean Note Policy."
According to a State Bank of India research released a few months ago, the country's banking system will benefit from the elimination of Rs 2,000 notes from circulation.
It was also stated that the action will increase bank deposits, loan repayment, and general consumer spending as well as RBI's retail central bank digital currency (CBDC).
