In a significant development, the Reserve Bank of India (RBI) has disclosed that 88% of the ₹2000 currency notes, amounting to a staggering ₹3.14 lakh crores, have been received as on July 31. This revelation comes after the RBI`s announcement on May 19, 2023, to withdraw the ₹2000 denomination from circulation from September 30 onwards.



According to RBI`s statement, as of March 31, a total of ₹3.62 lakh crore worth of ₹2000 notes were in circulation. However, following the decision to withdraw ₹2000 notes, the value in circulation witnessed a decline, standing at ₹3.56 lakh crores.



With the withdrawal announcement in effect, the RBI confirmed that a significant 87% of the notes in circulation have been deposited in value bank accounts, indicating a substantial level of compliance from the public. The remaining one percent of the ₹2000 notes has been replaced with currency of other denominations.



Interestingly, despite the deposit of a large chunk of the ₹2000 notes, the RBI estimates that there are still ₹42,000 crores worth of ₹2000 currency notes are in circulation.



As per the central bank`s directives, citizens have until September 30 to either deposit ₹2000 notes or replace them with other denominations. This deadline has created a sense of urgency among people, leading to increased transactions and activity at banking institutions.
Himalayan Live Bureau

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