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The Reserve Bank said 88 per cent of the Rs 2,000 banknotes valued at Rs 3.14 lakh crore have returned to the banking system after it announced withdrawal of the high value currency notes from circulation in May.
On May 19, the RBI withdraw Rs 2,000 notes from circulation based on a review, in pursuance of the “Clean Note Policy”, and it advised banks to stop issuing these notes with immediate effect.
The total value of 2000-rupee notes in circulation amounted to Rs 3.62 lakh crore as on 31 March, reducing to 3.56 lakh crore as on 19 May, the RBI said, making the numbers public for the first time since the announcement for withdrawal, , 2000-rupee notes, reserve bank of india, Demonetisation
No panic rush to dispose of Rs 2,000 notes; complaints of banks demanding ID proof
The RBI last week announced the withdrawal of Rs 2,000 currency notes - the highest denomination in circulation. The move sparked speculation that the central bank may bring back Rs 1,000 currency notes, which were demonetised along with Rs 500 notes in November 2016.