88% of the ₹2000 banknotes have returned back – RBI

88% of the ₹2000 banknotes have returned back as on 31.07.2023 – RBI

The Reserve Bank of India on 19th May 2023 had announced the withdrawal of ₹2000 banknotes from circulation.

According to RBI, the total value of ₹2000 banknotes in circulation as on March 31, 2023 amounted to ₹3.62 lakh crore had declined to ₹3.56 lakh crore as at the close of business on May 19, 2023.

As per earlier RBI Press Release dated 3rd July 2023, 76% of the ₹2000 banknotes which were in circulation as on May 19, 2023 had returned back.

As per the latest Press Release dated 1st August 2023, Thus, 88% of the ₹2000 banknotes in circulation as on May 19, 2023, have since been returned back. According to the data received from the banks, the total value of ₹2000 banknotes received back from circulation is ₹3.14 lakh crore up to July 31, 2023. Consequently, ₹2000 banknotes in circulation as at the close of business on July 31 stood at ₹0.42 lakh crore. 

Data collected from major banks indicates that out of the total banknotes in ₹2000 denomination received back from circulation, about 87% is in the form of deposits and the remaining around 13% has been exchanged into other denomination banknotes.

RBI has requested public to utilise the next two months to deposit and/or exchange the ₹2000 banknotes held with them to avoid any rush in the last few days before September 30, 2023.

• Income Tax Rules 2026 notified by CBDT
• Absence of irrevocability clause no ground for rejecting registration u/s 12AB
• ITAT allows exemption of Rs. 25 lakhs u/s 10(10A) to non-government employees
• PCIT has revisionary jurisdiction u/s 263 over the cases passed by the NFAC or the JAO
• Appellate court interfering with MACT finding must undertake reappreciation of evidence