Rs 2,000 notes worth Rs 3.32 lakh crore received until 31 August

Bank notes of Rs 2,000 denomination worth Rs 3.32 lakh crore have been received back by banks till 31 August, according to data collated by the Reserve Bank of India (RBI).

Consequently, Rs 2,000 banknotes in circulation at the close of business on 31 August stood at Rs 24,000 crore in terms of value. Thus, 93 per cent of the Rs 2,000 banknotes in circulation as on 19 May have since been returned, the central bank said.

Data collected from major banks indicates that of the total banknotes in Rs 2,000 denomination received back from circulation, about 87 per cent are in the form of deposits and the remaining 13 per cent have been exchanged for other denominations.

The RBI has urged members of the public to utilise the remaining period until 30 September to deposit or exchange the Rs 2,000 banknotes held with them.

On May 19, the government had announced that 2,000 denomination notes would be withdrawn from circulation by September 30 and had urged people to get them deposited or exchanged before the said deadline.