Rs 2,000 notes denomination valuing Rs 3.14 lakh crore returned to banks: RBI

Rs 2,000 banknotes available for use as at the end of business on July 31 stayed at Rs 0.42 lakh crore, the release said.

An employee counts Rs 2000 currency notes given by customers.


On August 1, the Reserve Bank of India (RBI) said that as of July 31, Rs 3.14 lakh crore worth of Rs 2,000 bank notes—or 88% of the total amount available for use—had been reintroduced to the financial system. 

As a result, the amount of Rs 2,000 banknotes still in circulation as of the close of business on July 31 was Rs 0.42 lakh crore, according to the announcement. 

The announcement states that 87% of the notes have been utilized as deposits, while 13% of the total notes removed from circulation have been changed into other denominations.

"The Reserve Bank of India (RBI) had previously announced the discontinuation of the Rs 2000 bank note . At the close of business on May 19, 2023, the value of all in-use Rs. 2000 banknotes, which stood at Rs. 3.62 lakh crore on March 31, 2023, had fallen to Rs. 3.56 lakh crore.

Up to July 31, 2023, 3.14 lakh crore worth of Rs 2000 banknotes would be recovered from circulation, according to information from the banks.

As a result, there were 0.42 lakh crore Rs 2000 banknotes in use as of July 31's business closing. As a result, as of May 19, 2023, 88% of the Rs 2000 banknotes in circulation have been returned, according to RBI.

The government's central bank urged individuals to trade or store their remaining Rs. 2,000 notes. The bank announced the removal of Rs 2,000 bills from circulation on May 19. 

The Reserve Bank of India decided to withdraw the Rs 2,000 denomination banknotes from circulation in light of the aforementioned factors and in accordance with its "Clean Note Policy," the RBI announced on May 19.


On the other hand, the RBI Governor indicated on May 24 that the central bank has decided to discontinue issuing Rs. 2,000 currency notes because they were not commonly used and high-denomination notes could result in issues with collateral. 

"In our surveys, we discovered that Rs 2,000 notes were not used at all," he said. It was utilized, although not often.


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