According to the Reserve Bank of India (RBI), 88% of the Rs 2,000 currency notes, totalling Rs 3.14 lakh crore, have been returned following the decision to withdraw them from circulation. The value of the Rs 2,000 notes in circulation has hit Rs 0.42 lakh crore, according to a Reserve Bank of India announcement.
To avoid a last-minute rush before September 30, 2023, the Reserve Bank has recommended the public to deposit and/or exchange their Rs 2,000 notes in the next two months.
Currently, Rs 420 crore worth of Rs 2000 notes are in circulation. According to the data of the Reserve Bank of India, around 87 per cent of the returned Rs 2,000 notes were deposits. The remaining 13% was swapped for other denominations of notes.
The 2000 rupee note was issued in 2016 with the aim of replenishing the cash flow of the Indian economy following the government’s sudden decision to demonetize the Indian economy by discontinuing high-end notes. However, the central bank has repeatedly said it intends to cut the number of high-denomination banknotes in circulation and has stopped printing 2,000 rupee banknotes for the past four years.
