More than 72% of Rs 2,000 notes deposited at banks

Sources report that over 72% of the withdrawn Rs 2,000 currency notes in India have been deposited or exchanged at banks, approximately one month after the withdrawal process commenced.

The Reserve Bank of India (RBI) made an announcement on May 19, 2023, stating its decision to withdraw the circulation of Rs 2,000 currency notes. Individuals were advised to deposit these notes into their bank accounts or exchange them for banknotes of other denominations at any bank branch by September 30, 2023. Deposits into bank accounts could be made in the usual manner, without any restrictions. The exchange facility for Rs 2,000 currency notes became operational from May 23, 2023.