Rs 2,000 banknotes in circulation as on July 31 are worth Rs 42,000 crore: RBI

Reserve Bank of India on Tuesday said Rs 2,000 banknotes in circulation as on July 31 are worth Rs 42,000 crore. 

"Rs 2,000 banknotes in circulation as at the close of business on July 31 stood at Rs 0.42 lakh crore. Thus, 88% of the Rs 2,000 banknotes in circulation as on May 19, 2023, have since been returned," said RBI in a statement.

According to the data received from the banks, the total value of Rs 2,000 banknotes received back from circulation is Rs 3.14 lakh crore up to July 31, 2023, said India's central bank.

Data collected from major banks indicates that out of the total banknotes in Rs 2,000 denomination received back from circulation, about 87% is in the form of deposits and the remaining 13% has been exchanged into other denomination banknotes, said RBI.

"Members of the public are requested to utilise the next two months to deposit and/or exchange the Rs 2,000 banknotes held with them to avoid any rush in the last few days before September 30, 2023," said RBI.

The total value of Rs 2,000 banknotes in circulation, which amounted to Rs 3.62 lakh crore on March 31, 2023, had declined to Rs 3.56 lakh crore as at the close of business on May 19, 2023.

The Reserve Bank has urged the public to utilise the next two months to deposit and/or exchange the Rs 2,000 banknotes held with them to avoid any rush in the last few days before September 30, 2023.