76% of Rs 2,000 notes returned to banks since May, RBI confirms

NEW DELHI,JULY 3:The Reserve Bank of India (RBI) on Monday said 76 per cent of Rs 2,000 banknotes have been returned to banks since it announced its withdrawal from circulation.

The central bank further disclosed that 87 per cent of the Rs 2,000 notes were deposited with banks, while the remaining 13 per cent were exchanged.

According to the data provided by banks, the total value of Rs 2,000 banknotes received back from circulation after the announcement on May 19 amounts to Rs 2.72 lakh crore as of June 30, 2023, said the RBI in a release.

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Consequently, as of the close of business on June 30, Rs 2000 banknotes in circulation stood at Rs 0.84 lakh crore, it added.

“Thus, 76 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, have since been returned,” the RBI said.

This development sheds light on the ongoing process of returning and exchanging Rs 2,000 banknotes, showcasing the response of the public following the withdrawal announcement.

Overall, the RBI’s update reinforces its commitment to ensuring a smooth transition and effective management of the currency ecosystem, while also addressing concerns and legal challenges associated with the withdrawal of Rs 2,000 banknotes.

This announcement comes in the wake of the Delhi High Court’s dismissal of a Public Interest Litigation (PIL) challenging the RBI’s decision to withdraw Rs 2,000 banknotes.

The petitioner, Rajneesh Bhaskar Gupta, had contended that the central bank lacked the authority to withdraw the 2,000-rupee currency notes, arguing that such decisions should be made by the Union government.

-PTI