Following the RBI’s May 19 announcement of the withdrawal of ₹2,000 denomination currency, notes worth around ₹1.8 lakh crore have been returned to the banking system.

A total of ₹3.62 lakh crore worth of ₹2,000 notes were in circulation as of March 31, the central bank said.

“So far, about ₹1.8 lakh crore of ₹2,000 notes have come back. This is roughly about 50 per cent of the ₹2,000 notes that were in circulation on March 31,” Governor Shaktikanta Das said.

“On a provisional basis, I can say about 85 per cent of the ₹2,000 rupee notes are coming back as deposits into bank accounts,” he added.

Also read: ₹2000 note withdrawal will improve liquidity, ease short-term rates: Analysts

However, the RBI did not specify the exact amount received as bank deposits, with Das saying the figure needs a “lot of reconciliation” given that there is some overlap in reporting and the central bank wants to avoid any possibility of double counting.

“This is in line with our expectation, and the good thing is that there has not been any rush at any of the banks.”

Also read: Who moved my ₹2000 note?

Governor Das appealed to the public to not rush and go to the banks in a panic, at the same time urging customers to avoid a last-minute rush in the last 10–15 days of September. The deadline to exchange the currency is September 30, but Das said there was no thought of making the currency illegal thereafter.

Asked about the issue of notes held by NRIs or Indians currently overseas, Das said the RBI is aware that there could be problems at the individual or group levels and is sensitive to all the representations being made.

“We will examine them and do whatever is required, but our endeavour will be to see that nobody is inconvenienced. We want to see the whole process go very smoothly,” he said.

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