The Reserve Bank of India (RBI) on Monday said that as much as 76 per cent of the total number of Rs 2,000 notes in circulation have been returned to banks.

The central bank said in a statement that most of these notes have returned through deposits.

“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,” it said.

Consequently, Rs 2,000 bank notes in circulation as at the close of business on June 30 stood at Rs 0.84 lakh crore.

Now, 76 per cent of the Rs 2,000 banknotes in circulation, as on May 19, have since been returned, the central bank added in the statement.

Data collected from major banks indicated that out of the total bank notes in Rs 2,000 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 bank notes.