According to the data received from the banks, the total value of ₹2000 banknotes received back from circulation is ₹3.32 lakh crore up to August 31, 2023, it said in a statement.

“Consequently, ₹2000 banknotes in circulation as at the close of business on August 31, 2023 stood at ₹0.24 lakh crore. Thus, 93 per cent of the ₹2000 banknotes in circulation as on May 19, 2023, have since been returned,” it said.

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

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

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

RBI requested the members of the public holding the high-value banknote to utilise the remaining period until September 30, 2023, to deposit and/or exchange them.