The Reserve Bank of India (RBI) has recently released information on the demonetization of the Rs 2,000 note, revealing that 88% of these notes, amounting to Rs 3.14 lakh crore, have been successfully returned to the banking system by July 31.
The RBI’s statement further disclosed that Rs 0.42 lakh crore worth of Rs 2,000 notes are yet to be returned.
87% Deposited, 13% Exchanged for Other Notes
Out of the Rs 2,000 notes that have been reintegrated into the banking system, 87% have been deposited, while the remaining 13% have been exchanged for other denominations.
The RBI urges people to deposit or exchange the remaining Rs 2,000 notes as per the Clean Note Policy.
RBI’s Decision to Withdraw Rs 2,000 Note Explained
The RBI’s decision to demonetize the Rs 2,000 note was announced on May 19, citing its limited usage.
The central bank’s survey revealed that these notes were not being used equitably and were not serving their intended purpose, leading to their withdrawal from circulation.