98.12% Of Rs 2,000 Banknotes In Circulation On May 19, 2023 Has Been Returned, Says RBI

As much as 98.12 per cent notes of Rs 2,000 banknotes in circulation on May 19, 2023 has been returned, says Reserve Bank of India.In a significant update, the Reserve Bank of India (RBI) announced that 98.12% of the Rs 2,000 banknotes in circulation, as of May 19, 2023, have been successfully returned. This statistic follows the government’s move to phase out the Rs 2,000 currency notes from circulation, aimed at addressing issues related to counterfeit money, tax evasion, and overall currency management.

Key Highlights of the RBI Report:

• Date of Withdrawal: The withdrawal of the Rs 2,000 banknotes was initiated by the RBI in May 2023, with the deadline for returning the notes set for September 2023.
• Return Rate: As of the latest data, a staggering 98.12% of the total Rs 2,000 banknotes, valued at Rs 3.56 lakh crore, have been deposited back into the banking system.
• Outstanding Notes: A small fraction, roughly 1.88% of the total currency, remains outside the banking system, a figure which is not unusual given the scale of the currency in circulation.