Shillong, September 2: Data compiled by the Reserve Bank of India (RBI) reveals that banks have received Rs 3.32 lakh crore worth of Rs 2,000 denomination banknotes back until August 31.
Consequently, the total value of Rs 2,000 banknotes in circulation as of August 31 amounted to Rs 0.24 lakh crore.
As per IANS, this means that 93 percent of the Rs 2,000 banknotes in circulation as of May 19 have been returned to the banking system, as reported by the central bank.
Data gathered from leading banks indicates that approximately 87 percent of the returned Rs 2,000 banknotes have been deposited, while the remaining 13 percent have been exchanged for banknotes of other denominations.
The RBI has encouraged the public to utilize the remaining time until September 30 to deposit or exchange any Rs 2,000 banknotes they possess.
On May 19, the government had announced the withdrawal of Rs 2,000 denomination notes from circulation by September 30, urging individuals to deposit or exchange them before the specified deadline.