97.82% of 2000 notes back to system: RBI

As of May 19,2023, total value of 2000 banknotes in circulation was Rs 3.56 lakh crore.
The RBI logo seen on the gate of its office in Mumbai.
The RBI logo seen on the gate of its office in Mumbai.FILE Photo | PTI

MUMBAI: The Reserve Bank said as much as 97.82% of the 2000 denomination banknotes, which were withdrawn from circulation form May 19, 2023, has come back to the system, leaving the outstanding value of these currency noted at Rs 7,755 crore as of May 31.

As of May 19,2023, total value of 2000 banknotes in circulation was Rs 3.56 lakh crore.

The monetary authority hurriedly introduced the 2000 notes after the note-ban that the Modi government announced on May 8, 2016, with the first stated objective of eliminating black money and then the goalposts kept on changing and ended up a means to push digital payments.

The announcement saw the government cacelling the legal tender nature of the 1,000 and 500 notes, which had then constituted about 87% of the currency in circulation.

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