The total value of Rs 2,000 notes received back from circulation is Rs 3.32 lakh crore up to August 31, accounting for 93% of the bills in use as on May 19, when the banking regulator ordered the recall and cut short the shelf life of the banknotes introduced in the immediate aftermath of the November 2016 currency note swap.
“Data collected from major banks indicate that out of the total banknotes in Rs 2,000 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 Reserve Bank of India (RBI) said in a statement Friday.