Steep drop in Rs 2000 notes in circulation

Mumbai: Reserve Bank of India (RBI) on Monday said 97.82 per cent of the Rs2000 denomination banknotes have returned to the banking system, and only Rs7,755 crore worth of the withdrawn notes are still with the public.

On May 19, 2023, the RBI announced the withdrawal of Rs2000 denomination banknotes from circulation. The total value of Rs2000 banknotes in circulation, which was Rs3.56 lakh crore at the close of business on May 19, 2023, has declined to Rs7,755 crore at the close of business on May 31, 2024.

“Thus, 97.82 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned,” the central bank said in a statement.