As on March 31, Rs 2,000 notes worth Rs 3.62 lakh crore were in circulation. The RBI Governor said that rush to deposit and exchange notes should be avoided in the last days as well. The suggestion is to avoid congestion during the last 10-15 days of September. The notes can be deposited and exchanged in banks till September 30. He clarified that the central bank has enough currency to replace the notes.
Even before demonetisation, the value of Rs 2,000 notes in circulation had depreciated significantly. 46 percent from 2018 to 2023 is the minimum. . 2000 notes accounted for 37.3 percent of the notes in circulation as on March 31, 2018. It later depreciated from Rs 6.73 lakh crore to Rs 3.62 lakh crore. As on March 31, 2023, the total value of Rs 2,000 notes in circulation was only 10.8 per cent. Till March 31, Rs 2000 notes worth Rs 3.62 lakh crore were in circulation.
At the same time, the bank has clarified that the withdrawal of notes is part of RBI’s clean note policy, but it is noteworthy that the move is ahead of the elections. In 2018-19 itself, the RBI has announced that it has stopped the printing of Rs 2,000 notes. At the time of demonetisation, a high denomination note of Rs 2000 was being issued. The demonetisation affected 86 per cent of the total notes in circulation, but later the circulation of Rs 2,000 notes declined.