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.
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.