The RBI disclosed on Monday that 76 per cent of the 2,000-rupee notes that were in circulation have now been returned to banks.

The RBI had announced the withdrawal of 2,000 rupee notes on May 19 and had set a September 30 deadline for people to either deposit the currency notes in their bank accounts or get them exchanged.

“According to the data received from the banks, the total value of Rs 2,000 bank notes received back from circulation after the announcement on May 19 is Rs 2.72 lakh crore up to June 30, 2023. Consequently, Rs 2,000 banknotes in circulation as at the close of business on June 30 stood at Rs 0.84 lakh crore,” the central bank said in a statement.

The RBI started printing the Rs 2,000 note in November 2016 after Prime Minister Narendra Modi scrapped high-value Rs 1,000 and Rs 500 notes in a surprise move to root out black money.

The objective of introducing Rs 2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of new Rs 2000 banknotes was stopped in 2018- 19.

It was also observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public, according to the RBI.

Also in pursuance of the “Clean Note Policy” of the Reserve Bank of India, it  was decided to withdraw the Rs 2000 denomination banknotes from circulation. But the banknotes continue to be legal tender.