Since decision taken to withdraw Rs 2000 notes from circulation, 88% of the country’s highest denomination, notes—worth Rs 3.14 lakh crore—have been returned, according to the Reserve Bank of India (RBI).
These high-value notes were scheduled to be discontinued by the RBI in May, although exchanges and deposits could still be made up until September 30.
According to statement from the central bank, the total amount of Rs 2,000 notes in circulation reached to Rs 3.56 lakh crore on May 19 as compared to Rs 3.62 lakh crore at the end of the last fiscal year on March 31.
There are still 420 crore rupees’ worth of these notes in use today.
According to information gathered by major banks, 87 percent of the banknotes received by lenders were deposited, while just 13 percent were swapped for notes of different denominations, according to the RBI.
Country’s Highest Denomination Rs 2,000 notes were issued in 2016 in an effort to restore the supply of currency in circulation following demonetization.
The RBI had previously stated its desire to decrease the number of high-value notes in circulation before deciding to ultimately announce the withdrawal of Rs 2,000 notes earlier this year. It is noteworthy that the printing of Rs 2,000 notes was discontinued over four years ago.
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