RBI says 88% of Rs 2,000 notes returned to banks

MUMBAI: The Reserve Bank on Tuesday said 88 per cent of the Rs 2,000 banknotes valued at Rs 3.14 lakh crore have returned to the banking system after it announced withdrawal of the high value currency notes from circulation in May. According to the data received from banks, the RBI said the total value of Rs 2,000 banknotes received back from circulation is Rs 3.14 lakh crore up to July 31, 2023. "Consequently, Rs 2,000 banknotes in circulation as at the close of business on July 31 stood at Rs 0.42 lakh crore," the central bank said in a statement. As much as 88 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, have since been returned.