The RBI’s decision to withdraw ₹2000 banknotes from circulation has had a significant impact on the availability and usage of these high-denomination notes. This article sheds light on the progress made in the withdrawal process and encourages individuals to take necessary actions within the given timeframe.
RBI Announcement and Decline in Circulation:
The RBI, through a press release dated May 19, 2023, announced the withdrawal of ₹2000 banknotes from circulation. It highlighted the decline in the total value of these banknotes from ₹3.62 lakh crore on March 31, 2023, to ₹3.56 lakh crore as of May 19, 2023.
Return of ₹2000 Banknotes:
Based on data received from banks, the article presents the total value of ₹2000 banknotes that have been returned from circulation after the announcement. As of June 30, 2023, ₹2.72 lakh crore worth of ₹2000 banknotes have been returned, resulting in ₹0.84 lakh crore still in circulation.
Breakdown of Banknote Returns:
The article discusses the composition of returned ₹2000 banknotes, citing data collected from major banks. It reveals that approximately 87% of the returned banknotes were deposited by the public, while the remaining 13% were exchanged for other denomination banknotes.
Public Reminder and Deadline:
In light of the ongoing withdrawal process, the article emphasizes the importance for individuals to deposit or exchange their ₹2000 banknotes within the next three months. It urges the public to take action promptly to avoid any last-minute rush before the deadline of September 30, 2023.
