As much as 88 percent of the ₹ 2,000 currency notes have either been deposited or exchanged at banks and only ₹ 42,000 crore worth of such notes are with the public as on July 31, the RBI said today.
September 30 is the last day to exchange or deposit 2,000-cent notes. In esteem terms, ₹ 2,000 notes available for use have come down to ₹ 42,000 crore as of July from ₹ 3.56 lakh crore upon the arrival of the declaration of withdrawal on May 19.
RBI stated 87 % of Notes are Received In Banks
In a statement, the RBI expressed that out of the complete banknotes in ₹ 2,000 division got back from dissemination, around 87% is as stores and the leftover around 13% has been traded into other section banknotes. The national bank, in an unexpected move, on May 19 declared withdrawal of ₹ 2,000 notes from the course yet gave the public time till September 30 to either store such notes in records or trade them at banks.
2000 Rupee Notes Will Remain Legal Till Sept 30
The 2,000 rupee notes will remain legal tender until September 30 in contrast to the demonetization that took place in November 2016 and resulted in the instantaneous cancellation of the old 500 and 1,000 rupee notes. As of the close of business on May 19, 2023, the total value of the 2,000 banknotes that were in circulation was 3.56 lakh crore, down from 3.62 lakh crore on March 31, 2023.
RBI Urged To Utilise Next Two Months To Deposit Notes
In addition, the RBI urged the general public to make use of the next two months to deposit and/or exchange the 2,000 banknotes that they still had with them in order to avoid any last-minute rushes before September 30, 2023. It very well might be noticed that RBI has not yet explained what might be the situation with ₹ 2,000 notes in confidential hands after September 30.