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After September 30, these notes will be out of circulation. However, it has not been clearly stated by the RBI whether the Rs 2,000 notes will remain legal tender after the deadline. But it is clear that the central bank wants to withdraw these notes from circulation as soon as possible.
The total value of the notes is Rs 3.32 lakh crore
When the Reserve Bank announced the withdrawal of these notes, the RBI Governor said that the future position would be determined based on the volume of Rs 2000 notes returned/deposited in banks. On September 1, 2023, RBI reported that the total value of Rs 2,000 banknotes withdrawn from circulation till August 31, 2023 is Rs 3.32 lakh crore.
93 percent of the notes were exchanged or deposited in the account
Further, the RBI said that only Rs 2,000 banknotes worth Rs 0.24 lakh crore were in circulation till August 31, 2023. It shows that as of May 19, 2023, 93 percent of the Rs 2,000 notes in circulation have returned to banks either by being deposited in an exchange or in an account.
The update will come on 2000 rupee notes
It is also expected that more notes may be deposited during September, due to which the amount in circulation has reduced further. RBI is expected to give an update on Rs 2000 notes on or after October 1. In this, an explanation can be given on the remaining Rs 2,000 notes in circulation.
Considering this, more than 90 percent of the notes have returned to circulation. It is also likely that the RBI will announce a date when these notes will no longer be considered legal tender. However, for the exact answer you have to wait for the official announcement from RBI.
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