Reserve Bank of India (RBI) reported that approximately 88 percent – indiansupdate.com

The RBI has issued an additional update on the Rs 2,000 note; you should complete this job as soon as possible. As of July 31, the Reserve Bank of India (RBI) reported that approximately 88 percent of the Rs 2,000 notes have been returned to the banks. The total value of Rs 2,000 notes withdrawn from circulation is Rs 3.14 lakh crore.

On May 19, the RBI announced the withdrawal of Rs 2,000 notes from circulation, allowing consumers to deposit or exchange these notes in banks until September 30. Till July 31, Rs 3.14 lakh crore worth of Rs 2,000 notes have been returned to the banks, leaving only Rs 42,000 crore worth of these notes in circulation.

The data reveals that when the RBI announced the withdrawal, there were Rs 3.56 lakh crore worth of Rs 2,000 notes in circulation. By March 31, the value had reduced to Rs 3.62 lakh crore. Out of the Rs 2,000 notes returning to the banking system, around 87 percent came in the form of deposits, while the remaining 13 percent were exchanged for notes of other denominations. The RBI has urged people to deposit or exchange their Rs 2,000 notes before the deadline of September 30 to avoid any inconvenience.

The demonetization announcement was made by Prime Minister Narendra Modi on November 8, 2016, when Rs 500 and Rs 1,000 notes were discontinued. Subsequently, new notes of Rs 200, Rs 500, and Rs 2,000 were introduced. However, now, the Rs 2,000 note has been withdrawn from circulation.