Over 75% of Rs 2,000 notes returned by users to banks

Nearly four-fifths of the ₹2,000-denomination currency notes have been deposited in banks, the central bank said on Monday. It said that ₹2.72 lakh crore worth of these banknotes is back in the banking system at the end of June 30, leaving ₹84,000 crore of such notes in circulation with the public.

"According to the data received from the banks, the total value of ₹2,000 banknotes received back from circulation after the announcement on May 19 is ₹2.72 lakh crore up to June 30, 2023," the Reserve Bank of India (RBI) said.

Thus, 76% of the ₹2,000 banknotes that were in circulation as on May 19 have since been returned.


On May 19, the RBI decided to withdraw the ₹2,000 denomination banknotes from circulation after observing that this denomination is not commonly used for transactions. At that time, in value terms the share of ₹2,000 denomination notes was ₹3.62 lakh crore. That was about 11% of the notes in circulation at the end of March 2023 and 2% of the banking system deposit base.

The RBI also said that data collected from major banks indicated that out of the total banknotes in ₹2,000 denomination received back from circulation, about 87% is in the form of deposits and the remaining around 13% has been exchanged into other denomination banknotes.

"Members of the public are requested to utilise the next three months to deposit and/or exchange the ₹2,000 banknotes held with them to avoid any rush in the last few days before September 30, 2023," the central bank said.

On June 8, central bank governor Shaktikanta Das had said that around ₹1.8 lakh crore of ₹2,000 notes had come back to the system. Of this, around 85% or ₹1.5 lakh crore had come as deposits and the rest were exchanged for other smaller denominations.