 "88% of Rs 2,000 banknotes returned to banks by July-end, says RBI")
The Reserve Bank of India (RBI) on Tuesday said 88 per cent or Rs 3.14 trillion of the now withdrawn Rs 2,000 banknotes returned to the banks by the end of July.
The total value of Rs 2,000 banknotes in circulation stood at Rs 3.62 trillion on March 31, which declined to Rs 3.56 trillion by the close of business on May 19, when the denomination was withdrawn. The RBI withdrew the Rs 2,000 banknotes citing clean note policy and lack of use.
Data obtained from major banks suggests that about 87 per cent of the returned banknotes were in the form of deposits. The remaining have been exchanged for banknotes of other denominations.
The RBI urged the public to utilise the next two months to deposit or exchange the Rs 2,000 banknotes they possess to prevent any last-minute rush before the September 30 deadline.