RBI says 76% of ₹2,000 notes returned since withdrawal
1 min read 03 Jul 2023, 03:29 PM ISTReserve Bank of India (RBI) said that 87% of the ₹2,000 notes were deposited with the banks while 13% were exchanged
PremiumReserve Bank of India (RBI) informed on Monday that 76% of the ₹2000 banknotes in circulation as on 19 May 2023 have since been returned. The central bank added that 87% of the ₹2,000 notes were deposited with the banks while 13% were exchanged.
RBI said that the banks have received ₹2.72 lakhs of ₹2,000 notes from 19 May to 30 June which constitutes 76% of the total circulation and now ₹0.84 lakh worth of ₹2,000 notes are out in circulation.
“According to the data received from the banks, the total value of ₹2000 banknotes received back from circulation after the announcement on May 19 is ₹2.72 lakh crore up to June 30, 2023. Consequently, ₹2000 banknotes in circulation as of the close of business on June 30 stood at ₹0.84 lakh crore. Thus, 76% of the ₹2000 banknotes in circulation as on May 19, 2023, have since been returned," the RBI said in a release.
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, the release added.
Delhi HC dismisses PIL challenging ₹2,000 note withdrawal
The development came as Delhi High Court on Monday dismissed the PIL challenging RBI's decision to withdraw ₹2,000 banknotes. The petition filed by Rajneesh Bhaskar Gupta claimed that the central bank had no power to withdraw 2,000-rupee currency notes and that the Union government is the right authority to take decisions in such regard.
The PIL claimed that RBI has given no other reason for such a “big arbitrary decision" apart from its ‘Clean Note Policy.’ It said that the central bank took the decision “without analyzing the expected problems of the public at large".
