87 percent of Rs 2000 notes returned to banks

July 04, 2023 15:31
87 percent of Rs 2000 notes returned to banks

(Image source from: Tribuneindia.com)

87 percent of Rs 2000 notes returned to banks:- Reserve Bank of India (RBI) has received Rs 2.72 Lakhs of Rs 2000 banknotes in circulation till the 30th of June as per a statement released by the bank on Monday. Central Bank has received 87% of its Rs 2000 banknotes, yet Banks have to receive more than 13% of Rs 2000 notes in circulation. In between May 19th and June 30th 76 percent of notes in circulation were returned to banks.

RBI announced the withdrawal of 2000 banknotes on May 19th and asked the public to deposit the notes in circulation in their bank accounts or else asked them to exchange in banks. RBI also stopped issuing Rs 2000 banknotes on the same day. Rs 0.84Cr of 2000 banknotes in circulation is yet to come back to the banks. The Data was collected from all the banks indicated for the replacement of the notes.

2000 notes came into circulation after the Rs 1000 and Rs 500 banknotes were stopped by the banks at the time of demonetization. Narendra Modi decided to stop the usage of Rs 1000 and Rs 500 overnight in 2016. But this time government has announced a time of 4 months for the exchange of Rs 2000 notes.

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