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| Photo Credit: Ragu R.
As a lot as 76% of the ₹2,000 notes in circulation have been returned to banks, principally by deposits, the Reserve Bank of India stated on July 3.
On May 19, RBI introduced withdrawal of ₹2,000 notes in circulation and gave public time until September 30 to both deposit the foreign money notes of their financial institution accounts or get them exchanged.
“According to the data received from the banks, the total value of ₹2,000 bank notes received back from circulation after the announcement on May 19 is ₹2.72 lakh crore up to June 30, 2023.
“Consequently, ₹2,000 financial institution notes in circulation as on the shut of enterprise on June 30 stood at ₹0.84 lakh crore,” the Central bank said in statement.
Also learn: Impact of ₹2,000 notes withdrawal ‘very very marginal’ on financial system: RBI Governor
Now, 76% of the ₹2,000 banknotes in circulation as on May 19, 2023 have since been returned.
Data collected from main banks signifies that out of the entire financial institution notes in ₹2000 denomination obtained again from circulation, about 87% is within the type of deposits and the remaining round 13% has been exchanged into different denomination financial institution notes.
