On Friday, September 1, the RBI said that banks received 93% of Rs 2,000 notes.
The RBI stated the public can access Rs 0.24 lakh crore of these notes.
The RBI recorded Rs 3.32 lakh crore in Rs 2000 currency seizures until August 31, 2023, according to bank statistics.
August 31, 2023 saw Rs 0.24 lakh crore in Rs 2000 currency circulation. The announcement indicated that 93% of Rs 2000 banknotes in circulation on May 19, 2023 have been replaced.
Major banks said that 87% of Rs. 2000 banknotes pulled from circulation were deposits and 13% were traded for other denominations.
On May 19, 2023, the RBI said it will discontinue Rs 2000 banknotes.
The face value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore on May 19, 2023, down from Rs 3.62 lakh crore on March 31, 2023.
The RBI advises high-value banknote holders to deposit or exchange before September 30, 2023.
Conclusion:-
The RBI reports that 93% of Rs 2,000 notes have been returned to banks, leaving consumers with Rs 0.24 lakh crore. Recovered Rs 2000 banknotes total Rs 3.32 lakh crore, with 93% replaced as of May 19, 2023. Banknotes returned were 87% deposits and 13% denomination exchanges. On May 19, 2023, the RBI said it will retire Rs 2000 banknotes. On May 19, Rs 2000 banknotes circulated for Rs 3.56 lakh crore. The RBI recommended high-value banknote holders to deposit or swap by September 30, 2023.
