As much as 88% of the Rs 2,000 banknotes valued at Rs 3.14 lakh crore have returned to the banking system after the Reserve Bank of India’s (RBI) call on 19 May to withdraw the high-value currency notes from circulation.

According to the data received from banks, the RBI today said the total value of Rs 2,000 banknotes received back from circulation is Rs 3.14 lakh crore up to 31 July 2023.

“Consequently, Rs 2,000 banknotes in circulation as at the close of business on 31 July stood at Rs 0.42 lakh crore,” the central bank said in a statement.

The total value of Rs 2,000 banknotes in circulation, which amounted to Rs 3.62 lakh crore on 31 March  2023, had declined to Rs 3.56 lakh crore as at the close of business on 19 May 2023.

Out of the total banknotes in Rs 2,000 denomination received back from circulation, about 87% came in the form of deposits and the remaining around 13% has been exchanged in banks into other denomination banknotes.

The Reserve Bank has urged the public to utilise the next two months to deposit and/or exchange the Rs 2,000 banknotes held with them to avoid any rush in the last few days before 30 September 2023.

On 19 May , the RBI announced the withdrawal of Rs  2,000 notes in circulation and gave the public time till 30 September to either deposit the currency notes in their bank accounts or get them exchanged.