Over ₹97% of ₹2,000 Notes Returned to RBI, but ₹9,760 Crore Still in Use
The Reserve Bank of India (RBI) said that ₹ 2,000 notes worth ₹ 9,760 crore are still in circulation, even though they were withdrawn from circulation in May 2023.
The RBI said that the total value of ₹ 2,000 notes in circulation has declined from ₹ 3.56 lakh crore in May 2023 to ₹ 9,760 crore as of November 30, 2023.
This means that about 97% of the notes have been returned to the RBI.
The RBI has urged people to return these notes to the bank as soon as possible.
The RBI had withdrawn the ₹ 2,000 notes in May 2023 in a bid to curb black money and counterfeit notes.
The RBI has said that people can return the ₹ 2,000 notes to any bank branch. The notes can also be exchanged for lower denomination notes at any bank branch.
This represents approximately 2.7% of the total value of ₹2,000 notes in circulation at the time of withdrawal.
The RBI has said that it is monitoring the situation and will take further action if necessary.